Top cryptocurrencies to watch this week: ETH, DAO, ELON
The cryptocurrency market skilled a predominantly bearish pattern final week. Bitcoin (BTC), the main asset, noticed its worth decline by 4%. Most main tokens adopted swimsuit with fairly related actions, though a couple of lesser-known cryptocurrencies managed to defy the downturn.
Amid widespread market strain, the worldwide cryptocurrency market cap decreased by $120 million, representing a 4.7% decline. It dropped from $2.54 billion firstly of the week to $2.42 billion by the week’s finish.
Listed below are our picks for a few of the prime cryptocurrencies to observe this week, based mostly on their latest performances:
ETH retests decrease Bollinger Band
Following a drop two weeks again, Ethereum (ETH) started final week with a slight uptick. It shut June 9 above $3,700 with a light 0.69% improve.
Nevertheless, this rise met fierce resistance. ETH recorded worth slumps within the days that adopted, resulting in a retest of the decrease Bollinger Band. The final time Ethereum retested the decrease Bollinger Band was throughout a downturn in mid-Could.
ETH dropped 4.6% on June 11, marking its largest intraday decline since April 30. This was as a consequence of a pointy decline within the broader market forward of final week’s FOMC assembly. ShayanBTC, a CryptoQuant analyst, projected extra dips for ETH if its bearish futures market metrics don’t enhance.
These additional drops materialized, resulting in a retest of $3,362 on June 14. Nevertheless, a light rebound has pushed ETH again above $3,500. Regardless of the renewed bullishness, the crypto asset should shut above the 20-day SMA ($3,690) to slide out of the bearish pattern.
DAO hits yearly low
DAO Maker (DAO) was one of many largest losers final week, witnessing a 7.9% worth hunch regardless of a bullish begin to the week. DAO’s decline, which trailed the bearish pattern within the world crypto market, noticed the asset relinquish the $0.6 territory for the primary time this yr.
After a 1.97% improve on June 9, DAO noticed 4 consecutive intraday losses, slumping by 10% inside this era and breaking under $0.60 to $0.5707, its lowest worth this yr. The final time DAO traded beneath $0.60 was in October 2023.
Nevertheless, as a result of sharp drop, DAO’s every day Relative Power Index (RSI) has slipped to 25.61, suggesting that the asset is at present undervalued on the present $0.5822 worth. Consequently, a bullish pattern reversal may very well be within the works.
ELON data 7% weekly acquire
Dogelon Mars (ELON) is our third choose on this week’s prime cryptocurrencies listing.
It was one of many few belongings to defy the broader market downtrend, having recorded a 7% weekly acquire. Whereas the market noticed a light rise on June 9, ELON gained by an enormous 9.49%.
Nevertheless, this surge met a roadblock on the $0.0000001985 excessive, leading to two days of consecutive declines. The asset noticed blended developments, witnessing declines and upswings, however leveraging a progress in investor curiosity to stay above $0.00000018.
Regardless of the uptrend, ELON stays considerably under the 50-day EMA at $0.0000002018. It collapsed under this pivotal transferring common throughout the downtrend two weeks again. The asset would wish to get better the $0.0000002 area to have an opportunity at flipping its momentum to bullish.
Dogelon Mars has no direct relation to Tesla CEO and X proprietor Elon Musk. The ELON token now has greater than 151,600 holders, in keeping with Etherscan.
