The capitulation of September 10 - September 16 : Shibaverse experienced a 29% dive.
The downward movement of the Shibaverse price last week indicates the chosen market is. VERSE has been going through a period of medium volatility, which fell in line with the occurred price changes. The price action on the coin's market translated to the decline of market capitalization. The price action of the crypto coin last week took place on the back of decreased trading volume.
While the volatility remains restrained, Shibaverse isn't making any explosive moves. During the reviewed period, the volatility of VERSE was in the middle register, averaging at 8%. The most significant volatility occurred on September 10 and reached 12.09%. 1.8% was the rock bottom for the asset's volatility that was reached on September 14. The mild volatility registered on the crypto coin's market over the said period allows us to expect moderate price movements in both directions without significant breakouts.
The first day of price action was marked by the 6% move to the downside from the point where the trading session opened. September 11 saw the coin going another 6% since the open, supported by the corresponding trading volume. Shibaverse posted the interim low at $0.0052 on September 12 and then moved down by 4% and peaked at $0.0055. Over the next trading period (on September 13), VERSE was moving down by 6% on the back of a congruous trading volume. The developments on the Shibaverse market on September 14 started with the price opening at $0.005 and subsequently moving to $0.005, the close of the day, while dropping to the 24H low at $0.005 and spiking to the 24H high at $0.005. The crypto coin opened the trading session on September 15 at $0.005 and finalized it at $0.005; the highest point of price action was at $0.005, the lowest was detected at $0.005. Between the 24H high at $0.0048 and the 24H low at $0.0041, the coin was traded in the $0.005 - $0.004 price corridor. The highest point of the price action over the week was at $0.006 - the weekly low during the same period was established at $0.004. As a result of price action within the designated time period, the price movement range on the Shibaverse market was established at $0.002 or 29% between the weekly low and the weekly high.
Shibaverse ’s average trading volume on the opening day of the observed time period, September 10, stood at $112 004, while on the closing day of the same period, it moved to $31 456. A more comprehensive analysis of VERSE price action requires the comparison of the trading volume between September 10 and September 16 with that from the preceding week that demonstrated how the trading volume fluctuated between $45 332 and $1 529 630. The 81% 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 29%.
The past week saw the market capitalization of Shibaverse making a shift from $4 799 405 on September 10 to $3 732 294 on September 16, the peak for the analyzed period. 22% was the calculated percentage change for the VERSE market over the past week. The said 22% percentage change in market capitalization of the coin was accompanied by the 29% fluctuation in the price of the underlying asset. In the preceding week, September 3 - September 9, the market capitalization of Shibaverse got a 32% adjustment ($6 444 786 to $4 353 487) in comparison to a 22% change last week; this allows getting a deeper insight into the market structure.