Red clouds gathered above the Skycoin market last week (March 5 - March 11) as the price went down by 9%.

The price of Skycoin was falling last from March 5 until March 11, giving enough reason to conclude that the market is bearish. The price swings of SKY pointed to the presence of medium volatility. The price action of the coin has been accompanied by the decreased market capitalization of the said digital asset. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.

The situation on the Skycoin market allows us to characterise its volatility as mild. During the reviewed period, the volatility of SKY was in the middle register, averaging at 6%. The volatility of the coin reached its highest point at 6.87% during the observed period. The price of the asset had fluctuated the least on March 9, when the volatility plummeted to 0.28%. Due to the fact that the crypto coin has been modestly volatile, the market is unlikely to demonstrate any aggressive price swings.

On March 5, the first trading session of the reviewed time period, the market participants saw SKY moving up by 3%. The 1% move in the upward direction took place on the second day after the weekly open. During the next trading day, the rate of change in the price of Skycoin stood at 1% having reached the low at $0.113 and the high at $0.115 as the advantage remained on the side of sellers. On March 8, the value of SKY was in the range, with the market remaining flat. Skycoin finalized the trading day of March 9 at $0.11 after opening it at $0.11, though the price broke through that corridor to hit the 24H high at $0.11 and the 24H low at $0.11. The trading period on March 10 saw the crypto coin forming the price amplitude between the open at $0.11 and the close at $0.1, also interacting with $0.1 (24H low) and $0.1 (24H high). As for the occurrences on March 11, the price of the coin bottomed at $0.101 and peaked at $0.106, while its daily range formed between $0.1 and $0.1. The asset posted the weekly low at $0.1, while the top of the weekly trading session was registered at $0.12. The price action on the weekly time frame made Skycoin within the 9% range from its weekly low to the weekly high, while the oscillation amplitude between these price points amounted to $0.01.

As for the average trading volume in the time slot between March 5 and March 11, the Skycoin market registered the change from $2 176 to $1 751. We can draw the comparison with the period of 7 days that preceded the reviewed one when SKY ’s trading volume varied from $1 584 to $1 861. Percentage-wise, the trading volume of the asset changed by 1%, in comparison to the previous period, while its price experienced a 9% adjustment.

The total market capitalization of Skycoin during the past 7-day oscillated between $2 445 784, the starting point that was established on March 5, and $2 253 788 on March 11, the end date of the reviewed period. The rate of percentage change for the last week for SKY was 8%. While the market capitalization of the coin was altered by 8%, its price has made a 9% change. The comparison with the Skycoin market capitalization seen during the time period February 26 - March 4 that occurred before the observed one, which changed by 2%, from $2 526 210 to $2 478 224, allows us to get a clearer understanding of current market conditions.

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Article date: March 11 | March 5 - 11

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