Markets
Top cryptocurrencies to watch this week: ETH, DAO, ELON
The cryptocurrency market experienced a mostly 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 a few lesser-known cryptocurrencies managed to defy the downturn.
Amid widespread market pressure, the global cryptocurrency market capitalization declined by $120 million, a decline of 4.7%. It went from $2.54 billion at the start of the week to $2.42 billion at the end of the week.
Here is our selection of the main cryptocurrencies to watch this week, based on their recent performance:
ETH, DAO and ELON prices – June 16 | Source: Santiment
ETH Retests Lower Bollinger Band
After a decline two weeks ago, Ethereum (ETH) started last week with a slight increase. It closed June 9 above $3,700 with a slight rise of 0.69%.
But this increase met with strong resistance. ETH saw a price decline 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 largest intraday decline since April 30. decline in the broader market ahead of last week’s FOMC meeting. ShayanBTC, a CryptoQuant analyst, projected more declines for ETH if bearish indicators in the futures market 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 uptrend, the crypto asset must close above the 20-day SMA ($3,690) to break out of the downtrend.
DAO hits annual low
DAO creator (DAO) was one of the biggest losers last week, witnessing a 7.9% price drop despite a bullish start to the week. The DAO’s decline, which follows the global crypto market’s bearish trend, has seen the asset abandon $0.6 territory for the first time this year.
After a 1.97% increase on June 9, DAO experienced four consecutive intraday losses, falling 10% during this period and dropping 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. Therefore, a bullish trend reversal could be in the works.
ELON records weekly gain of 7%
Dogelon Mars (ELON) is our third pick on this week’s list of top cryptocurrencies.
It is one of the few assets to defy the broader market downtrend, having posted a weekly gain of 7%. While the market saw a slight rise on June 9, ELON gained a whopping 9.49%.
However, this rise hit a roadblock at the $0.0000001985 high, resulting in two consecutive days of decline. The asset has seen mixed trends, seeing declines and rises, but benefiting from a growth in investor interest to remain above $0.00000018.
Despite the uptrend, ELON remains significantly below the 50-day EMA at $0.0000002018. It collapsed below this pivotal moving average during the downtrend two weeks ago. The asset would need to reclaim the $0.0000002 region to have a chance of reversing its momentum towards an uptrend.
Dogelon Mars has no direct connection to Tesla CEO and X owner Elon Musk. The ELON token now has more than 151,600 holders, according to Etherscan.