Bitcoin’s price plunged on the charts yet again, with the same falling by over $500 in a span of 20 hours. Owing to the high correlation indices shared by the market’s alts with the world’s largest and most dominant cryptocurrency, the former fell too, with the likes of Tezos, Binance Coin, and Dash, among them.
Source: XTZ/USD on TradingView
Tezos was one of the alts to fall on the back of Bitcoin’s depreciation. That apart, Tezos remains one of the market’s best-performing crypto-assets, with XTZ noting YTD returns of 89%, at the time of writing. In fact, Tezos is just coming off from announcing an association with crypto-analytics firms Chainalysis and Coinfirm in an attempt to better comply with regulations. Interestingly, Tezos is one of the cryptos that will, according to Messari’s Ryan Selkis, shake up the crypto-market this year.
At press time, XTZ was priced at $2.57, with the crypto having fallen very close to its support level on the charts. On the back of Bitcoin’s fall, XTZ dove by almost 9% over the last 24-hours.
With regard to XTZ’s technical indicators, while the Parabolic SAR’s dotted markers were well above the price candles and pointed to a bearish market, the Chaikin Money Flow was stabilizing around zero after it noted a sharp fall on the charts, a sign of growing capital outflows.
Binance Coin [BNB]
Source: BNB/USD on TradingView
The cryptocurrency native to one of the world’s biggest crypto-exchanges, Binance, BNB hasn’t had a great 2020. The aforementioned fall in the king coin’s price didn’t bode well for BNB’s own value either, with the crypto falling by over 4% over 24-hours. It should be noted, however, that while BNB’s depreciation wasn’t as severe as XTZ’s, BNB is coming off an extended downtrend on the charts, one extending since the first week of June.
For BNB, while the mouth of the Bollinger Bands was wide and was a sign of incoming market volatility, the Relative Strength Index was sharply plunging towards the oversold zone on the charts.
On the development side, Binance Coin has been in the news lately after Delta Exchange launched Options Trading for BNB and Chainlink.
Source: DASH/USD on TradingView
Dash, one of the market’s most prominent privacy coins, like Tezos and Binance Coin, also followed Bitcoin’s lead on the price charts, with DASH losing almost 6% of its value in a matter of 24-hours. As a result of the same, at the time of writing, DASH was perilously close to its immediate resistance on the charts. It should also be noted that the privacy coin continues to trade within a price band, with the crypto having recorded a major fall in price on the 11th of June.
The depreciation in DASH’s value was evidenced by the crypto’s indicators as while the MACD line was way under the Signal line of the charts, the Awesome Oscillator’s red histograms pointed to bearish momentum.
Developments for the privacy coin have been few to come by. However, the crypto, along with fellow privacy coin Zcash, was in the headlines a few weeks ago after Chainalysis announced that it can now track DASH, ZEC transactions to help law enforcement.