A 22% drop on the Kusama market last week (November 8 - November 14) signals that the sellers are gaining strength.
Kusama has been bearish last week as its price has been predominantly falling. The situation on the KSM market shows that the underlying asset is currently experiencing a period of medium volatility. The market capitalization of the asset has been decreasing in concert with the price of the coin. The price action of the crypto coin last week took place on the back of decreased trading volume.
The unfolding situation in the Kusama market suggests that the reviewed digital asset is in the stage of mild volatility. During the reviewed period, the volatility of KSM was in the middle register, averaging at 17%. The coin has hit the highest point of volatility on November 8. 0.54% was the rock bottom for the asset's volatility that was reached on November 12. The mild volatility during the period of review allowed the price of the crypto coin to remain stable and predictable.
While the overall situation on the Kusama market was bearish, the trading session on November 8 kicked off at the $37.11 price level. The coin market was down by 14% on November 9, the second day of the reviewed time period. The price range of Kusama formed between $24.24 and $28.77 on November 10 as the price traveled 7% up. The trading volume on November 11 rendered support to the 9% bearish move of KSM. After the open at $25.62, Kusama moved during November 12 in the range between the said open and the close at $24.45, having posted the 24H low at $24.18 and the 24H high at $26.18. The crypto coin opened the trading session on November 13 at $24.42 and finalized it at $24.01; the highest point of price action was at $24.7, the lowest was detected at $23.52. Most trading activity on November 14 occurred in the space between $24.16 and $23.88; during this time span, the immediate selling pressure forced the coin to drop to the 24H low at $22.1, though the bulls had also staged the rally to the 24H high at $24.16. Over the course of all trading sessions, the asset established the weekly low at $22.1 while buyers managed to push the price up to the weekly high at $37.11. The price action on the weekly time frame made Kusama within the 22% range from its weekly low to the weekly high, while the oscillation amplitude between these price points amounted to $6.66.
Kusama ’s average trading volume on the opening day of the observed time period, November 8, stood at $88 569 280, while on the closing day of the same period, it moved to $19 333 832. We can draw the comparison with the period of 7 days that preceded the reviewed one when KSM ’s trading volume varied from $36 961 101 to $137 138 309. The 42% trading volume fluctuation between November 8 and November 14, as compared with the previous period, served as a basis for a 22% price move.
The change in the total market capitalization of Kusama from November 8 to November 14 was as follows: on November 8, the capitalization was at $319 701 866, while on November 14, it reached the level of $207 483 598. The rate of percentage change for the last week for KSM was 35%. While the market capitalization of the coin was altered by 35%, its price has made a 22% change. In the preceding week, November 1 - November 7, the market capitalization of Kusama got a 4% adjustment ($313 826 990 to $326 865 206) in comparison to a 35% change last week; this allows getting a deeper insight into the market structure.