As a researcher with extensive experience in the cryptocurrency market, I closely monitor trends and price movements of various digital assets. Last week, we witnessed a predominantly bearish trend in the global crypto market, with Bitcoin (BTC) leading the decline by 4%. Ethereum (ETH), our first pick, began the week with a slight uptick but faced fierce resistance and retested its lower Bollinger Band. This was a significant setback for ETH investors following its drop two weeks prior.
Last week, the crypocurrency market predominantly trended downward. Bitcoin (BTC), the front-runner, dropped in value by 4%. The majority of significant tokens mirrored this trend, while a handful of lesser-known cryptocurrencies bucked the downturn.
As a crypto investor, I’ve noticed that the global cryptocurrency market has faced significant pressure this week, leading to a decrease in market capitalization. Specifically, the market cap dipped by approximately $120 million, translating to a 4.7% decline. At the beginning of the week, the total value stood at around $2.54 billion. By the week’s end, however, it had dropped to $2.42 billion.
Based on their recent trends, here is a selection of some promising cryptocurrencies worth keeping an eye on this week.
ETH retests lower Bollinger Band
Ethereum (ETH) experienced a minor rebound after a two-week decline. The cryptocurrency ended on June 9 with a gain of approximately 0.69%, reaching over $3,700.
As I delved deeper into the market analysis, I encountered significant opposition to Ethereum’s price surge. Consequently, the ETH value plunged in the ensuing days, prompting a return to the lower boundary of its Bollinger Band. The last occasion Ethereum revisited this support level was during the mid-May market downturn.
On June 11, Ethereum (ETH) experienced a significant drop of approximately 4.6%. This represented its most considerable intraday decrease since April 30. The cause of this downturn can be attributed to the broader market’s sharp decline as investors braced for last week’s FOMC meeting. According to ShayanBTC, a CryptoQuant analyst, ETH could face further declines if its bearish futures market metrics do not show any signs of improvement.
The price of Ethereum experienced additional decreases, resulting in a revisit to $3,362 on June 14. However, a slight recovery has lifted the cryptocurrency above $3,500 once more. While there’s renewed optimism, Ethereum needs to surpass its 20-day moving average of $3,690 to break free from the downtrend.
DAO hits yearly low
Last week, DAO Maker (DAO) experienced a significant setback among top performers, recording a 7.9% price decrease despite an optimistic start to the week. This downward trend for DAO contrasted with the overall bearish market sentiment in crypto, causing the asset to dip below the $0.6 mark for the first time this year.
On June 9, DAO experienced a 1.97% rise. However, over the next four trading days, it suffered successive intraday declines, resulting in a total loss of approximately 10%. The price fell from $0.60 to its lowest this year at $0.5707. The last time DAO had traded below $0.60 was back in October 2023.
With a significant decline, DAO‘s RSI for daily pricing has dropped to 25.61. This indicates that the asset is potentially underpriced at its current value of $0.5822. As a result, there might be an impending trend reversal towards bullishness.
ELON records 7% weekly gain
Dogelon Mars (ELON) is our third pick on this week’s top cryptocurrencies list.
Despite the general market decline, ELON managed to buck the trend with a substantial 9.49% increase on June 9, adding to its weekly earnings of 7%.
Despite hitting a peak at $0.0000001985, the surge encountered an obstacle and led to two consecutive days of decreases. The asset exhibited contrasting tendencies, experiencing both drops and rises, but managed to stay above $0.00000018 due to increasing investor attention.
In spite of the upward trend, ELON currently sits well beneath the 50-day Exponential Moving Average (EMA) at $0.0000002018. It dipped below this crucial moving average two weeks ago during the downtrend. For ELON to shift its trend towards bullish, it must first regain the $0.0000002 price region.
As a crypto investor, I’d like to clarify that Dogelon Mars and Elon Musk, the CEO of Tesla and SpaceX, are not directly connected. The current buzz around Dogelon Mars and its ELON token is due to its growing popularity among cryptocurrency holders. In fact, as I write this, there are now over 151,600 wallets holding the ELON token, according to Etherscan.
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2024-06-16 17:52