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NEO, Ravencoin, Bitcoin price: Altcoins follow king coin’s downward trend

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The cryptocurrency market continues to be as volatile, with price swings affecting a host of altcoins at the drop of a hat. The volatility in the market today was perhaps triggered by Bitcoin’s sudden devaluation a few hours ago, following which, the king coin almost fell to $6100.

Source: BTC/USD on TradingView

After a period of steady recovery, Bitcoin suffered yet another slump; however, one not as severe as the one recorded over 12-13th March. At 23:00 UTC, Bitcoin registered a dip of 8.92 percent, taking its valuation from $6670 to $6074. Its market cap dropped down to $113 billion, with its 24-hour trading volume recorded to be around $35 billion. At press time, the king coin was priced at $6154.

The Relative Strength Index or RSI facilitated Bitcoin’s sell-off during the crash. However, at the time of writing, the RSI seemed to be rising.

The Bollinger Bands continued to diverge on the charts, another indication of the highly volatile nature of the market trend.

Source: NEO/USD on Trading View

23rd ranked NEO coin registered a similar fate as over the past 24 hours, the coin had depreciated by 14.15 percent. Its valuation dropped from $7.2 to $6.1 and at press time, its market cap remained around $448 million.

With a trading volume of $405 million, the crypto-asset seemed to have sustained its bullish momentum, according to the RSI indicator, bouncing back to $6.33, at the time of writing. Further, the Parabolic SAR also remained under the candles, a finding that suggested a bullish trend in the NEO market.

The token was in the news recently after the Neo Foundation recently announced that it was going to release over $11 million to continue operations for Fiscal Year-2020.

Source: RVN/USD on Trading View

Joining the list of coins registering major falls, Ravencoin shared the brunt of the bearish force as well, recording a depreciation of 10.11 percent in a span of just 5 hours. The token had a significantly low trading volume of $6.3 million, at press time, but had a higher market cap of $82 million.

However, its valuation, after dropping from $0.015 to $0.013, soon bounced back, allowing the valuation to consolidate above $0.014.

The Chaikin Money Flow of CMF remained bullish as the capital in-flow was more than the capital outflow. However, the Parabolic SAR indicator was bearish, with the dotted lines found hovering above the candles.

Ravencoin was recently listed on OKEx and SFox after Tron suggested that the OKEx listing would raise “awareness of Ravencoin to entire new segments of the globe.”


Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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