Last week, the cryptocurrency market was dominated by a bearish movement. BitcoinBTCPrice of the top asset fell 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%. The market cap dropped from 2,54 billion dollars at the beginning of the week, to $2.42 million by the end.
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.ETHThe week began with a small 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, which led to a retesting of the Bollinger Band. Last time Ethereum tested the lower Bollinger Band, it was in mid-May during a downward trend.
ETH fell 4.6% in one day on the 11th of June, marking the largest intraday drop since April 30. The sharp drop in ETH was caused by a sudden decline In the wider market, ahead of last weeks FOMC meeting. ShayanBTC is a CryptoQuant Analyst. projected ETH could see more drops if the bearish metrics of its futures markets do not improve.
Further drops occurred, leading to the retest at $3,362 in June. A mild recovery has pushed ETH above $3500. 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 takes a yearly low
DAO Maker DAO was the largest loser last week. Despite a positive start, the price dropped 7.9%. DAO was one of the biggest losers last week, with a 7.9% price drop despite a bullish start to the week.
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’s last trade below $0.60 occurred in October of 2023.
DAO’s Relative-Strength Index (RSI), a measure of relative strength, fell to 25.61 as a result of the steep drop. The asset’s current value at $0.5822 is therefore undervalued. Consequently, the bullish trend may be about to reverse.
ELON posts 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.
The asset was among the few to have defied the general market decline, recording a weekly gain of 7%. While the stock market experienced a modest rise on Friday, June 9, ELON saw a huge 9.49% gain.
The $0.0000001985 price high was a physical barrier that caused two consecutive days’ decline. This asset experienced mixed trends. It saw both declines and gains, while leveraging an increase in investor interest.
ELON is still significantly below its 50-day EMA of $0.0000002018 despite the upward trend. It dropped below this moving average two weeks ago during a downtrend. It would have to bounce back to the $0.0000002 area to be able to turn bullish.
Dogelon Mars is not related to Elon Musk, the CEO of Tesla and owner of X. According to Etherscan, the ELON token has now more than 151 600 holders.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
