January 18 - January 24 market watch: Ravencoin goes up by 38% as buying pressure persists.
Between January 18 - January 24, Ravencoin has been mostly bullish as its price has been in the rising mode. The price swings of RVN pointed to the presence of medium volatility. Last week’s market conditions reflected on the market capitalization of the asset, which was rising. The past week’s price movement of the crypto coin was accompanied by the growing trading volume on the corresponding market.
The situation on the Ravencoin market allows us to characterise its volatility as mild. The average volatility of 9% was the reason why the price of RVN didn't put up any significant gains. The highest point of the coin's volatility reached 9.57% in the analyzed time frame. The asset's volatility was at its lowest on January 22 when it dropped to 0.54%. Due to the fact that the crypto coin has been modestly volatile, the market is unlikely to demonstrate any aggressive price swings.
The price of RVN took a 8% down downswing at the open of the weekly trading period. The market sentiment on January 19 stayed as the coin obtained another 10%. The bulls dominated the price action during the following trading period as the price drifted 3% to the upside, having established the low for the reviewed time frame at $0.025, while the high was recorded at $0.028. On January 22, RVN market moved by 8% in the bullish direction in concert with the trading volume. The price oscillation of Ravencoin on January 22 was in the $0.03 - $0.03 range; at the same time, the price stretched out to reach the 24H low at $0.029 and the 24H high at $0.029. The trading period on January 23 saw the crypto coin forming the price amplitude between the open at $0.03 and the close at $0.03, also interacting with $0.028 (24H low) and $0.028 (24H high). The coin found the deepest trough (24H low) at $0.03 on January 24 and then exploded to the ceiling (24H high) at $0.03; the price range for that day was between $0.03 and $0.03. The highest point of the price action over the week was at $0.03 - the weekly low during the same period was established at $0.02. Ravencoin shaped the $0.009 price range over the week of price action, which constituted the 38% gap between the weekly low and the weekly high.
In the period January 18 - January 24, the trading volume of Ravencoin went from $11 203 896 on the first day of the reviewed period to $23 131 722 on the closing day. Over the week that came before the analyzed time span, the average trading volume of RVN ranged between $11 262 775 and $33 435 578. The 160% 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 38%.
The change in the total market capitalization of Ravencoin from January 18 to January 24 was as follows: on January 18, the capitalization was at $291 407 645, while on January 24, it reached the level of $340 650 015. RVN experienced a 17% change in total market capitalization throughout the past seven days. The 17% change in the coin's market capitalization affected the price rate that saw a 38% shift in the same time period. 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 $258 575 316 on January 11 and $293 951 048 on January 17, which translates to a 14% change.