Top cryptocurrencies to watch this week: AVAX, JASMY, BONK

Bearish forces continued to exert vital promoting stress final week, driving Bitcoin (BTC) beneath the crucial $65,000 threshold for the primary time in over a month. This downturn echoed all through the market, leading to extended losses.

Consequently, all the market skilled substantial selloffs, resulting in a $70 billion discount within the international crypto market cap, which fell beneath the $2.4 trillion mark, ending the week at $2.35 trillion.

Listed below are our picks for prime cryptocurrencies to observe this week, primarily based on their on-chain performances and social traits:

AVAX hits yearly low 

Avalanche (AVAX) suffered a heavy blow, particularly on June 17 and 18 when the turbulence intensified. AVAX started the week with a light 0.23% acquire, trailing Bitcoin’s meager rise that day.

Nevertheless, because the Bitcoin collapse triggered a market drop, Avalanche recorded a free fall, collapsing practically 12% inside two days to commerce at $26.60 for the primary time since final December.

AVAX broke its report for the bottom worth this yr on two events final week. It hit a brand new yearly low of $24.94 on June 18, after which dropped to a decrease worth of $24.52 on June 22. 

The asset noticed a 14.66% loss final week, closing the week at $25.61. This determine marked a YTD drop of 33% for Avalanche. Nevertheless, AVAX’s RSI (25.15) and CCI (-138.2) affirm that the asset is extraordinarily oversold and could also be due for a rebound.

JASMY retests decrease Bollinger Band

JasmyCoin (JASMY) noticed increased positive factors in periods of upswings. As an example, the token initially soared 12.33% on June 16, when BTC and different belongings noticed negligible positive factors.

The correction noticed JASMY report 4 days of losses, culminating in a 25% collapse. JASMY finally retested the decrease Bollinger Band ($0.0296) on June 20, briefly dropping beneath it.

The asset engineered a surge to decisively push above the decrease band, with an 8.52% acquire on June 22. This helped JASMY reclaim a few of the misplaced values, nevertheless it nonetheless noticed a 7.46% drop final week. 

Furthermore, JasmyCoin continues to commerce beneath the 20-day EMA at $0.03540 (blue line). This means that the asset stays in bearish territories regardless of the late-minute restoration. 

BONK collapses

Bonk (BONK), the one meme coin on this week’s “prime cryptocurrencies” record, suffered from its increased volatility. It’s witnessing steeper declines than the remainder of the market.

Following a 3% acquire on June 16, the bears triggered a 17% crash in BONK’s worth on June 17 and 18. 

BONK consolidated after this sharp drop, however maintained the bearish momentum regardless of securing a list on Bitstamp. It closed the week with a 15.6% drop. BONK should push above the 23.6% Fibonacci retracement ($0.00002543) and the 50-day EMA ($0.00002637) to flip its momentum to bullish.

A breach of this degree may present sufficient power for the bulls to succeed in the $0.00002909 resistance, aligning with the 38.2% Fibonacci retracement. This may be pivotal for the journey towards the psychologically necessary $0.00003 territory.