The cryptocurrency market experienced a predominantly bearish trend last week. bitcoin (btc), the leading asset, saw its price fall by 4%. Most major tokens followed suit with fairly similar moves, although some lesser-known cryptocurrencies managed to defy the downturn.
Amid widespread market pressure, the global cryptocurrency market capitalization decreased by $120 million, representing a 4.7% decline. It fell from $2.54 billion at the beginning of the week to $2.42 billion at the end of the week.
Here are our picks for some of the top cryptocurrencies to watch this week, based on their recent performances:
<img decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/06/ethereum–eth-17.46.30-16-Jun-2024-1024×347.png” alt=”Top Cryptocurrencies to Watch This Week: eth, DAO, ELON – 1″/>
eth retests the lower Bollinger Band
After a drop two weeks ago, ethereum (eth) started last week with a slight rebound. It closes on June 9 above $3,700 with a slight increase of 0.69%.
However, this rise was met with fierce resistance. eth saw price declines in the following days, leading to a retest of the lower Bollinger Band. The last time ethereum retested the lower Bollinger Band was during a downturn in mid-May.
eth fell 4.6% on June 11, marking its biggest intraday drop since April 30. This was due to a sharp decline in the broader market ahead of last week's FOMC meeting. ShayanBTC, an analyst at CryptoQuant, projected further declines for eth if its bearish futures market metrics do not improve.
These further declines materialized, leading to a retest of $3,362 on June 14. However, a slight bounce has taken eth back above $3,500. Despite the renewed optimism, the crypto asset must close above the 20-day SMA ($3,690) to exit the downtrend.
DAO hits its annual low
DAO Maker (DAO) was one of the biggest losers last week, witnessing a 7.9% price drop despite a bullish start to the week. The DAO crash, which followed the bearish trend in the global crypto market, saw the asset leave the $0.6 territory for the first time this year.
After a 1.97% surge on June 9, DAO experienced four consecutive intraday losses, falling 10% during this period and breaking below $0.60 at $0.5707, its lowest price this year. The last time DAO traded below $0.60 was in October 2023.
However, due to the sharp drop, DAO's daily Relative Strength Index (RSI) has fallen to 25.61, suggesting that the asset is currently undervalued at the current price of $0.5822. Consequently, an uptrend reversal could be underway.
ELON posts 7% weekly gain
Dogelon Mars (ELON) is our third pick on this week's list of top cryptocurrencies.
It was one of the few assets to defy the broader market downtrend, having posted a 7% weekly gain. While the market saw a slight increase on June 9, ELON gained a whopping 9.49%.
However, this rise encountered a roadblock at the high of $0.0000001985, resulting in two days of consecutive declines. The asset experienced mixed trends, witnessing dips and rises but capitalizing on a growth in investor interest to stay above $0.00000018.
Despite the uptrend, ELON remains significantly below the 50-day EMA at $0.0000002018. It crashed below this fundamental moving average during the downtrend two weeks ago. The asset would need to reclaim the $0.0000002 region to have a chance to change its momentum to bullish.
Dogelon Mars has no direct relationship with Tesla CEO and x owner Elon Musk. The ELON token now has more than 151,600 holders, according to Etherscan.
