The capitulation of November 16 - November 22 : JET experienced a 49% dive.
JET has been bearish last week as its price has been predominantly falling. The volatility associated with the JET market was high, as were its price fluctuations. Last week’s market conditions reflected on the market capitalization of the asset, which was falling. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.
Due to the active price action, the average volatility of JET jumped to 39.17%. The asset was the most volatile on November 16 when the registered volatility shot up to 39.17%. The coin's market was the least volatile on November 22 when this particular metric didn’t exceed 0.31%. The present volatility of 39.17% is indicative of unstable market conditions.
The opening price of JET was at $0.07 on November 16, with sellers having a more visible presence on the market. The price of JET took a 12% down downswing at the open of the weekly trading period. November 17 saw the coin going another 1% since the open, supported by the corresponding trading volume. During the next trading day, the rate of change in the price of JET stood at 39% having reached the low at $0.01 and the high at $0.06 as the advantage remained on the side of sellers. On November 20, JET market moved by 5% in the bearish direction in concert with the trading volume. On November 20, JET finished the trading day with no changes to the flatlined market. On November 21, the crypto coin showcased the following price fluctuations: the trading session began at $0.03 and then traveled from the low of the day at $0.031 to the high of the day at $0.034, closing at $0.03. As for the occurrences on November 22, the price of the coin bottomed at $0.03 and peaked at $0.0309, while its daily range formed between $0.03 and $0.03. $0.01 was the bottom of price action for the week, though the price went to the high extreme at $0.07 over the same time period. As a result of price action within the designated time period, the price movement range on the JET market was established at $0.03 or 49% between the weekly low and the weekly high.
As for the average trading volume in the time slot between November 16 and November 22, the JET market registered the change from $120 784 to $86 116. A more comprehensive analysis of JET price action requires the comparison of the trading volume between November 16 and November 22 with that from the preceding week that demonstrated how the trading volume fluctuated between $37 086 and $123 248. We can draw a parallel between the change in trading volume in the previous 7 days, which constituted 22%, and the 49% price shift.
The past week saw the market capitalization of JET making a shift from $10 459 939 on November 16 to $4 789 993 on November 22, the peak for the analyzed period. 54% was the calculated percentage change for the JET market over the past week. The said 54% percentage change in market capitalization of the coin was accompanied by the 49% fluctuation in the price of the underlying asset. A more precise analysis of the JET market also requires a comparison with the change in market capitalization from the week before, which amounted to 13% on the back of the move from $12 080 296 to $10 560 449.