NEXO slid down by 5% last week (September 5 - September 11) as the sellers pushed back.
The downward movement of the NEXO price last week indicates the chosen market is. The volatility of NEXO has been medium throughout the reviewed period in correspondence with the price action. There has been a fall in the market capitalization of the asset during the period under review. The price action of the crypto coin from last week stemmed from the decreasing trading volume.
The unfolding situation in the NEXO market suggests that the reviewed digital asset is in the stage of mild volatility. The average volatility of 11% was the reason why the price of NEXO didn't put up any significant gains. The most significant volatility occurred on September 5 and reached 13.39%. The asset's volatility was at its lowest on September 9 when it dropped to 0.24%. The mild volatility registered on the crypto coin's market over the said period allows us to expect moderate price movements in both directions without significant breakouts.
On September 5, the first trading session of the reviewed time period, the market participants saw NEXO moving down by 1%. The market sentiment on September 6 stayed bearish as the coin obtained another 13%. During the next trading day, the rate of change in the price of NEXO stood at 2% having reached the low at $0.83 and the high at $0.91 as the advantage remained on the side of sellers. NEXO ’s performance during September 8 was the following: the price increased by 1% in conjunction with the acceptable trading volume. NEXO finalized the trading day of September 9 at $0.94 after opening it at $0.9, though the price broke through that corridor to hit the 24H high at $0.95 and the 24H low at $0.89. The trading period on September 10 saw the crypto coin forming the price amplitude between the open at $0.94 and the close at $0.98, also interacting with $0.94 (24H low) and $0.94 (24H high). The coin found the deepest trough (24H low) at $0.96 on September 11 and then exploded to the ceiling (24H high) at $0.98; the price range for that day was between $0.96 and $0.98. The highest point of the price action over the week was at $1.05 - the weekly low during the same period was established at $0.83. Traders saw NEXO covering the $0.05 distance between the weekly low and the weekly high, which constituted for a 5% move.
In the period September 5 - September 11, the trading volume of NEXO went from $4 764 551 on the first day of the reviewed period to $6 930 008 on the closing day. During the week before September 5, the trading volume of NEXO flowed from $5 119 624 to $31 548 331. The 17% change in trading volume in the asset's market, compared to last week, supported the price movement that allowed the cryptocurrency to alter its value by 5%.
Bitcoin began the observed period September 5 - September 11, with the market capitalization of $584 201 908 and finalized it at the market capitalization level of $546 777 814. Percentage-wise, the market capitalization of NEXO has shifted by 6% in the past week. The price of the coin changed by 5% on the back of the 6% shift in its total market capitalization. In order to get a better grasp of the current state of affairs on the market, it’s important to draw the comparison between the reviewed period and the preceding seven days when the market capitalization ranged between $515 987 856 on August 29 and $579 664 954 on September 4, which translates to a 12% change.