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Top cryptocurrencies to watch this week: ETH, DAO, ELON
Last week the cryptocurrency market recorded a predominantly bearish trend. Bitcoin (Bitcoin), the main asset, saw its price decrease by 4%. Most major tokens followed suit with fairly similar movements, although some lesser-known cryptocurrencies managed to defy the recession.
Amid widespread market pressure, the global cryptocurrency market capitalization fell by $120 million, representing a decline of 4.7%. It fell from $2.54 billion at the start of the week to $2.42 billion by the end of the week.
Here are our picks for some of the best cryptocurrencies to watch this week, based on their recent performance:
ETH, DAO and ELON prices – June 16 | Source: Santimento
ETH tests the lower Bollinger band again
After the drop two weeks ago, Ethereum (ET) started last week with a slight increase. It closed on June 9 above $3,700 with a slight increase of 0.69%.
However, this increase has met with strong resistance. ETH saw price drops 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 slowdown in mid-May.
ETH fell 4.6% on June 11, marking its biggest intraday decline since April 30. This is due to a strong decline in the broader market ahead of last week’s FOMC meeting. ShayanBTC, a CryptoQuant analyst, 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 rebound pushed ETH above $3,500. Despite the renewed bullish attitude, the cryptocurrency needs to close above the 20-day SMA ($3,690) to break out of the downtrend.
DAO hits annual low
DAO Creator (DAO) was one of last week’s biggest losers, seeing prices plummet 7.9% despite a bullish start to the week. DAO’s decline, which followed the bearish trend in the global cryptocurrency market, saw the asset abandon the $0.6 territory for the first time this year.
After rising 1.97% on June 9, DAO posted four consecutive intraday losses, falling 10% in this period and falling below $0.60 to $0.5707, its lowest price this year. The last time DAO traded below $0.60 was in October 2023.
However, due to the sharp decline, DAO’s daily Relative Strength Index (RSI) dropped to 25.61, suggesting that the asset is currently undervalued at the current price of $0.5822. As a result, a bullish trend reversal may be underway.
ELON posts a weekly gain of 7%.
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 market’s broader downtrend, posting a weekly gain of 7%. While the market rallied slightly on June 9, ELON gained a massive 9.49%.
However, this surge hit a hurdle at the $0.0000001985 high, resulting in two consecutive days of declines. The asset has seen mixed performance, seeing dips and recoveries, but taking advantage of the growth in investor interest to remain above $0.00000018.
Despite the uptrend, ELON remains well below the 50-day EMA at $0.0000002018. It fell below this key moving average during the downtrend two weeks ago. The asset would need to recover to the $0.0000002 region to have a chance to turn its upside momentum.
Dogelon Mars has no direct relationship with Tesla CEO and X owner Elon Musk. According to Etherscan, the ELON token now has more than 151,600 holders.