In the last week, there was a predominant bearish market trend in cryptocurrency. Bitcoin (BTCPrice of, the top asset, dropped by 4%. The majority of major tokens had similar price movements. However, a handful of lesser-known cryptos managed to resist the decline.
In the face of widespread market pressures, the total market value for cryptocurrencies fell by an estimated $120 million. This represents a decline of 4.7%. From $2.54bn at the beginning to $2.42bn by the end of the first week.
We have selected some of the best cryptocurrencies for you to follow this week based on how they’ve performed recently.
ETH retests lower Bollinger Band
After a two-week drop, Ethereum has recovered.ETH() started last week on a mild uptick. It closed above $3700 on June 9, with a modest 0.69% gain.
This rise was met with fierce resistance. ETH experienced price drops in the days following, leading to a retesting of the lower Bollinger Band. In mid-May, Ethereum last retested its lower Bollinger Band during a period of downturn.
ETH’s 4.6% drop on June 11 was its steepest intraday fall since April 30, The sharp drop in ETH was a result of a steep decline In the wider market, ahead of last weeks FOMC meeting. ShayanBTC – a CryptoQuant expert. projected If its futures metrics are still bearish, ETH will continue to experience more drops.
Further drops occurred, resulting in a test at $3,362 for the second time on June 14th. ETH has risen slightly above $3,500, thanks to a slight rebound. The crypto asset, despite the new bullishness must still close above the SMA (20-day) ($3,690), to break out of its bearish trend.
DAO’s annual low
DAO Maker The (DAO), despite an upbeat start to the week, was among the worst performers last week. Its price fell 7.9% despite the bullish week. DAO, which was a victim of the overall bearish crypto trend, lost $0.6 for the first year.
DAO, which had seen a 1.99% increase on June 9th, suffered four intraday losses in a row, falling by 10% and dropping below $0.60, to $0.5707 – its lowest price of the year. DAO last traded below $0.60 in October 2023.
DAO’s Relative strength index (RSI), which measures the relative strength of an asset, has dropped to 25,61 due to this sharp decline. This suggests that DAO is undervalued, at its current price $0.5822. A bullish trend could reverse.
ELON reports 7% Weekly Gain
Dogelon Mars, also known as ELON (Dogelon Mars), is our number three pick in this week’s list of the top cryptocurrencies.
This was one of only a few assets that defied market trends and recorded a gain in the weekly average of 7%. ELON’s gains were huge on June 9 despite the mild market rise.
The $0.0000001985 price high was a stumbling block, and two days later, the asset fell. Investor interest in the asset grew, despite seeing both upswings and declines.
ELON, despite its uptrend, remains below the 50 day EMA with a price of $0.0000002018. It fell below the pivotal moving-average during the recent downtrend. To turn its momentum bullish, the asset must recover $0.0000002 in that region.
Dogelon Mars is not related to Elon Musk, the CEO of Tesla and owner of X. Etherscan reports that the ELON coin has over 151,600 owners.
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Source: crypto.news