The bleeding market: NEXO loses 6% between September 9 and September 15 as the selling pressure grows.
The analysis of last week’s price action shows that the NEXO market is in the bearish phase since the price has been moving downward. NEXO was caught in a period of low volatility, which was reflected in its price action. The price action of the coin has been accompanied by the increased market capitalization of the said digital asset. The price action of the crypto coin from last week stemmed from the increasing trading volume.
The price action of NEXO is in a stalemate due to low volatility during the observed period. The insignificant movement of the NEXO market came as the result of low average volatility that amounted to 0.24%. 4.12% was the maximum volatility that the coin managed to showcase on September 13. The quietest period on the asset's market was recorded on September 13, when the volatility dropped to the minimum at 0.24%. The unimpressive volatility of 0.24% showcases the overall weakness of the crypto coin.
During the opening day on September 9, NEXO has had a 5% move to the upside. The 3% move in the upward direction took place on the second day after the weekly open. During the following trading period on September 11, the price of NEXO oscillated between the low at $0.96 and the high at $0.98, while the price moved up by 2%. The NEXO market was down as the price shifted by 1% on September 12, against the backdrop of the sufficient trading volume. After the open at $0.97, NEXO moved during September 13 in the range between the said open and the close at $0.93, having posted the 24H low at $0.92 and the 24H high at $0.98. The price action on September 14 saw the crypto coin moving along the following route: starting point at $0.92 and closing point at $0.9, while it also deviated to establish the high of the day at $0.93 and the low of the day at $0.9. As for the occurrences on September 15, the price of the coin bottomed at $0.87 and peaked at $0.92, while its daily range formed between $0.91 and $0.88. During the reviewed time period, the asset was able to achieve the weekly high at $0.98, though at a certain point, the bear pressurized the price down to the weekly low at $0.87. Traders saw NEXO covering the $0.06 distance between the weekly low and the weekly high, which constituted for a 6% move.
NEXO ’s average trading volume on the opening day of the observed time period, September 9, stood at $5 681 867, while on the closing day of the same period, it moved to $5 642 532. Over the week that came before the analyzed time span, the average trading volume of NEXO ranged between $4 764 551 and $30 385 974. Percentage-wise, the trading volume of the asset changed by 34%, in comparison to the previous period, while its price experienced a 6% adjustment.
NEXO had its total market capitalization change from $500 518 929 on September 9 to $513 724 029 on September 15, the end of the examined time frame. When translated to percentage rate, the market capitalization of NEXO over the past week adjusted by 3%. The said 3% percentage change in market capitalization of the coin was accompanied by the 6% fluctuation in the price of the underlying asset. 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 $590 543 076 on September 2 and $505 560 323 on September 8, which translates to a 14% change.