Slightly bearish : traders witnessed NEXO moving down 1% from September 14 till September 20.

The downward movement of the NEXO price last week indicates the chosen market is bearish. The volatility of NEXO has been low throughout the reviewed period in correspondence with the price action. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. The price action of the crypto coin last week took place on the back of decreased 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 data derived from our credible sources shows that the average volatility of NEXO didn't exceed 0.08%, which is indicative of weak price action. The most significant price swings occurred on September 18, when the volatility of the coin was at its highest for the given period at 3.63%. The asset experienced the period of lowest volatility on September 19 when it fell to 0.08%. Since the crypto coin is displaying low levels of volatility, the price action is likely to remain feeble.

NEXO began the day on September 14 at $0.92, while the broad background was bearish. During the opening day on September 14, NEXO has had a 2% move to the downside. The 3% move in the downward direction took place on the second day after the weekly open. The cautious traders dominated the price action on September 16, with the NEXO market remaining flat. NEXO ’s performance during September 17 was the following: the price increased by 3% in conjunction with the acceptable trading volume. September 18 kicked off with NEXO trading opening at $0.92 and then closing the session at $0.9, establishing the 24H low at $0.9 and 24H high at $0.94 in the process. The crypto coin opened the trading session on September 19 at $0.9 and finalized it at $0.89; the highest point of price action was at $0.9, the lowest was detected at $0.86. Between the 24H high at $0.9 and the 24H low at $0.89, the coin was traded in the $0.9 - $0.89 price corridor. During the reviewed time period, the asset was able to achieve the weekly high at $0.94, though at a certain point, the bear pressurized the price down to the weekly low at $0.86. The price action on the weekly time frame made NEXO within the 1% range from its weekly low to the weekly high, while the oscillation amplitude between these price points amounted to $0.01.

In the period September 14 - September 20, the trading volume of NEXO went from $9 676 047 on the first day of the reviewed period to $4 899 995 on the closing day. We can draw the comparison with the period of 7 days that preceded the reviewed one when NEXO ’s trading volume varied from $4 955 960 to $30 385 974. The average trading volume of the asset fluctuated by 47% by comparison with the previous period, whereas the price change of 1% took place over the same period of time.

The total capitalization of Bitcoin at the start of the analyzed time period (September 14) amounted to $511 294 245; by the end of that period (September 20), the capitalization went to $506 576 990. The percentage change in the total market capitalization of NEXO amounted to 1%. The price of the coin changed by 1% on the back of the 1% shift in its total market capitalization. The comparison with the NEXO market capitalization seen during the time period September 7 - September 13 that occurred before the observed one, which changed by 6%, from $508 804 996 to $540 400 892, allows us to get a clearer understanding of current market conditions.

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Article date: September 20 | September 14 - 20

Market reviews for similar coins for September 14 - 20