Last week, the cryptocurrency market faced a primarily bearish trend with Bitcoin (BTC) leading the way by dropping 4% in price. Most major tokens also experienced similar movements, although a few lesser-known cryptocurrencies managed to defy the overall downturn.
Despite the widespread market pressure, the global cryptocurrency market cap saw a $120 million decrease, representing a 4.7% decline from $2.54 billion at the beginning of the week to $2.42 billion by the end of the week.
Here are some top cryptocurrencies to keep an eye on this week based on their recent performances:
ETH, DAO, and ELON prices – June 16 | Source: Santiment
ETH Tests Lower Bollinger Band
After a slight increase at the start of the week, Ethereum (ETH) encountered resistance following a drop two weeks prior. By June 9, it had closed above $3,700 with a modest 0.69% rise. However, the subsequent days saw price slumps, leading to a retest of the lower Bollinger Band, a level last seen during a mid-May downturn.
On June 11, ETH dropped by 4.6%, its largest intraday decline since April 30, due to market volatility ahead of the FOMC meeting. Analyst ShayanBTC from CryptoQuant predicted further declines for ETH unless its bearish futures market metrics improved.
These predictions came true as ETH retested $3,362 on June 14. Despite a minor rebound pushing it back above $3,500, the cryptocurrency needs to close above the 20-day SMA ($3,690) to break free from the bearish trend.
In Other News:
Notcoin Surges 11%, Nearly Overtaking VET, MKR, and OP
DAO Hits Yearly Low
DAO Maker (DAO) faced a significant 7.9% price drop last week, falling below the $0.6 mark for the first time this year. Despite starting the week on a bullish note with a 1.97% increase on June 9, DAO saw four consecutive intraday losses, dipping below $0.60 to $0.5707, its lowest price of the year.
The sharp decline led to DAO’s daily Relative Strength Index (RSI) dropping to 25.61, indicating that the asset is currently undervalued at $0.5822. This could signal a potential bullish trend reversal in the near future.
ELON Records 7% Weekly Gain
Dogelon Mars (ELON) managed to record a 7% weekly gain, defying the broader market downtrend. Despite facing a roadblock at the $0.0000001985 high after a significant gain on June 9, ELON remained above $0.00000018 with mixed trends of declines and upswings.
Although ELON is still below the 50-day EMA at $0.0000002018, recovering the $0.0000002 region could potentially shift its momentum to bullish. It’s worth noting that Dogelon Mars has no direct connection to Tesla CEO Elon Musk, despite its name.
With over 151,600 holders, the ELON token continues to attract investor interest and remains a cryptocurrency to watch in the coming days.