September 12 - September 18 price action review: NEXO goes down by 7%.
NEXO has been bearish last week as its price has been predominantly falling. The situation on the NEXO market shows that the underlying asset is currently experiencing a period of low volatility. The price action on the coin's market translated to the decline of market capitalization. The price action of the crypto coin from last week stemmed from the decreasing trading volume.
The current state of affairs on the cryptocurrency market allows us to draw the conclusion that NEXO is now going through the cycle of low volatility. The average volatility of NEXO was as low as 0.85%, causing the dull price action. In the period between September 12 and September 18, the volatility of the coin peaked at 0.85%. On September 17, the asset didn't make any noticeable price movements as its volatility dropped to the lowest level at 0.85%. The low volatility of 0.85% means that the crypto coin is weak and incapable of any sizable price swings.
The price of NEXO took a 1% down downswing at the open of the weekly trading period. The 4% move in the downward direction took place on the second day after the weekly open. NEXO posted the interim low at $0.9 on September 14 and then moved down by 2% and peaked at $0.93. On September 16, NEXO market moved by 3% in the bearish direction in concert with the trading volume. On September 16, NEXO finished the trading day with no changes to the flatlined market. While the 24H high and low on September 17 were at $0.92 and $0.89, respectively, the crypto coin had been traded in the area between the open at $0.89 and the close at $0.92. On the last day of the reviewed period, the coin was locked between $0.92 and $0.9, though the price managed to puncture these levels to reach the 24H high at $0.94 and the 24H low at $0.9. The asset posted the weekly low at $0.87, while the top of the weekly trading session was registered at $0.98. As a result of price action within the designated time period, the price movement range on the NEXO market was established at $0.07 or 7% between the weekly low and the weekly high.
The trading activity on the NEXO market over the past week - September 12 to September 18 - generated the average trading volume that went from $4 955 960 to $3 648 377. To understand a bigger picture, we need to match the numbers from last week with the week before that, when the NEXO market had its volume ranging between $4 764 551 and $30 385 974. The 43% 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 7%.
NEXO had its total market capitalization change from $545 157 300 on September 12 to $520 493 185 on September 18, the end of the examined time frame. The percentage change in the total market capitalization of NEXO amounted to 5%. The 5% change in the coin's market capitalization affected the price rate that saw a 7% shift in the same time period. NEXO ’s market capitalization from the week before changed by 6%, as the result of fluctuation between $584 201 908 and $545 157 300, to give a clearer vision of the current state of the market.