Bearish forces continued to exert vital promoting strain final week, driving Bitcoin (BTC) beneath the crucial $65,000 threshold for the primary time in over a month. This downturn echoed all through the market, leading to extended losses.
Consequently, the whole market skilled substantial selloffs, main to a $70 billion discount within the world crypto market cap, which fell beneath the $2.4 trillion mark, ending the week at $2.35 trillion.
Listed below are our picks for high cryptocurrencies to watch this week, based mostly on their on-chain performances and social developments:
AVAX hits yearly low
Avalanche (AVAX) suffered a heavy blow, particularly on June 17 and 18 when the turbulence intensified. AVAX started the week with a gentle 0.23% achieve, trailing Bitcoin’s meager rise that day.
Nevertheless, because the Bitcoin collapse triggered a market drop, Avalanche recorded a free fall, collapsing almost 12% inside two days to commerce at $26.60 for the primary time since final December.
AVAX broke its file for the bottom value this yr on two events final week. It hit a brand new yearly low of $24.94 on June 18, after which dropped to a decrease worth of $24.52 on June 22.
The asset noticed a 14.66% loss final week, closing the week at $25.61. This determine marked a YTD drop of 33% for Avalanche. Nevertheless, AVAX’s RSI (25.15) and CCI (-138.2) affirm that the asset is extraordinarily oversold and could also be due for a rebound.
JASMY retests decrease Bollinger Band
JasmyCoin (JASMY) noticed larger positive factors during times of upswings. As an illustration, the token initially soared 12.33% on June 16, when BTC and different belongings noticed negligible positive factors.
The correction noticed JASMY file 4 days of losses, culminating in a 25% collapse. JASMY ultimately retested the decrease Bollinger Band ($0.0296) on June 20, briefly dropping beneath it.
The asset engineered a surge to decisively push above the decrease band, with an 8.52% achieve on June 22. This helped JASMY reclaim a few of the misplaced values, but it surely nonetheless noticed a 7.46% drop final week.
Furthermore, JasmyCoin continues to commerce beneath the 20-day EMA at $0.03540 (blue line). This means that the asset stays in bearish territories regardless of the late-minute restoration.
BONK collapses
Bonk (BONK), the one meme coin on this week’s “high cryptocurrencies” checklist, suffered from its larger volatility. It’s witnessing steeper declines than the remainder of the market.
Following a 3% achieve on June 16, the bears triggered a 17% crash in BONK’s value on June 17 and 18.
BONK consolidated after this sharp drop, however maintained the bearish momentum regardless of securing a list on Bitstamp. It closed the week with a 15.6% drop. BONK should push above the 23.6% Fibonacci retracement ($0.00002543) and the 50-day EMA ($0.00002637) to flip its momentum to bullish.
A breach of this stage may present sufficient power for the bulls to attain the $0.00002909 resistance, aligning with the 38.2% Fibonacci retracement. This is able to be pivotal for the journey towards the psychologically essential $0.00003 territory.