August 30 - September 5 market watch: Shibaverse goes up by 113% as buying pressure persists.
The bullish behavior of Shibaverse last week was characterized by the occurrence of upswings. The volatility associated with the VERSE market was high, as were its price fluctuations. The price action on the coin's market translated to the growth of market capitalization. The trading volume on the crypto coin's market has been increasing throughout the reviewed period along with its price.
According to our calculations, Shibaverse experiences larger than usual price fluctuations, which translates to the average volatility percentage of 59.51% during the period under review. The largest volatility percentage during the given time span was 59.51% - it occurred on August 30. The coin saw its volatility drop to a minimum at 1.38% on September 5. The present volatility of 59.51% renders the VERSE market unstable with the possibility of violent price swings.
The first day of price action was marked by the 6% move to the downside from the point where the trading session opened. The price action of the coin remained bullish on August 31 as the bulls pushed the price up by 13%. During the next trading day, the rate of change in the price of Shibaverse stood at 56% having reached the low at $0.004 and the high at $0.006 as the advantage remained on the side of buyers. On September 3, VERSE market moved by 15% in the bullish direction in concert with the trading volume. The developments on the Shibaverse market on September 3 started with the price opening at $0.006 and subsequently moving to $0.008, the close of the day, while dropping to the 24H low at $0.006 and spiking to the 24H high at $0.006. The trading period on September 4 saw the crypto coin forming the price amplitude between the open at $0.008 and the close at $0.009, also interacting with $0.008 (24H low) and $0.008 (24H high). September 5 presented us with the following price action data: the coin opened the period at $0.008 and went on to establish the low at $0.007 and the high of the day at $0.008 before closing the day at $0.007. Over the course of all trading sessions, the asset established the weekly low at $0.003 while buyers managed to push the price up to the weekly high at $0.01. Shibaverse bounced 113% between the low of the week and the peak price for the same time period, ultimately creating a price range of $0.004.
In the period August 30 - September 5, the trading volume of Shibaverse went from $30 441 on the first day of the reviewed period to $242 200 on the closing day. A more comprehensive analysis of VERSE price action requires the comparison of the trading volume between August 30 and September 5 with that from the preceding week that demonstrated how the trading volume fluctuated between $5 065 and $16 794. The average trading volume of the asset fluctuated by 3558% by comparison with the previous period, whereas the price change of 113% took place over the same period of time.
The change in the total market capitalization of Shibaverse from August 30 to September 5 was as follows: on August 30, the capitalization was at $2 860 278, while on September 5, it reached the level of $5 974 566. Percentage-wise, the market capitalization of VERSE has shifted by 109% in the past week. The said 109% percentage change in market capitalization of the coin was accompanied by the 113% 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 $2 553 368 on August 23 and $2 244 550 on August 29, which translates to a 12% change.