Bearish response: The USDX price melts by 2% between September 10 and September 16.
The downward movement of the USDX price last week indicates the chosen market is bearish. The price swings of USDX pointed to the presence of low volatility. The price action on the coin's market translated to the decline of market capitalization. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.
The current state of affairs on the cryptocurrency market allows us to draw the conclusion that USDX is now going through the cycle of low volatility. With the average volatility being as low as 0.32%, USDX was incapable of making any sizable price swings. The maximum volatility of the coin stood at 0.74% in the analyzed time frame. The calmest period on the asset's market was registered on September 15, when the volatility failed to exceed 0.32%. The unimpressive volatility of 0.32% showcases the overall weakness of the crypto coin.
While the overall situation on the USDX market was bearish, the trading session on September 10 kicked off at the $0.95 price level. There were no gains or losses to the USDX market on September 10, it remained flat. September 11 saw the coin going another 1% since the open, supported by the corresponding trading volume. During the following trading period on September 12, the price of USDX oscillated between the low at $0.94 and the high at $0.95, while the price moved down by 1%. Over the next trading period (on September 13), USDX was moving down by 1% on the back of a congruous trading volume. On September 14, USDX finished the trading day with no changes to the flatlined market. The activity on the crypto coin's market on September 15 resulted in the asset being traded between $0.94, the open of the day, and $0.94, the close of the day; at some point, the price spiked to the daily high at $0.94 and briefly dropped to the daily low at $0.94. The coin's market saw no changes on September 16, as the market flatlined. During the reviewed time period, the asset was able to achieve the weekly high at $0.96, though at a certain point, the bear pressurized the price down to the weekly low at $0.93. As a result of price action within the designated time period, the price movement range on the USDX market was established at $0.02 or 2% between the weekly low and the weekly high.
USDX ’s average trading volume on the opening day of the observed time period, September 10, stood at $841 705, while on the closing day of the same period, it moved to $614 612. To understand a bigger picture, we need to match the numbers from last week with the week before that, when the USDX market had its volume ranging between $252 261 and $658 203. The 12% 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 2%.
USDX had its total market capitalization change from $105 857 983 on September 10 to $103 710 696 on September 16, the end of the examined time frame. When translated to percentage rate, the market capitalization of USDX over the past week adjusted by 2%. When compared to the price fluctuations during the observed period of time, the 2% market capitalization movement was accompanied by a 2% change in the price of the coin. 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 $106 014 694 on September 3 and $105 606 135 on September 9, which translates to a 0% change.