Markets
Top cryptocurrencies to watch this week: ETH, DAO, ELON
The cryptocurrency market experienced a predominantly bearish trend last week. Bitcoin (Bitcoin), the main asset, saw its price fall by 4%. Most major tokens followed suit with largely similar moves, although some lesser-known cryptocurrencies managed to defy the recession.
Amid widespread market pressure, the global market value of cryptocurrencies decreased by $120 million, representing a 4.7% decline. It fell from $2.54 billion at the beginning of the week to $2.42 billion at the end of the week.
Here are our picks for some of the top cryptocurrencies to watch this week, based on their recent performances:
ETH, DAO and ELON prices – June 16 | Source: Santíment
ETH retests lower Bollinger Band
After a drop two weeks ago, Ethereum (ETH) started last week with a slight increase. It closed June 9 above $3,700, a slight increase of 0.69%.
However, this rise was met with strong resistance. ETH recorded 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 recession in mid-May.
ETH fell 4.6% on June 11, marking its biggest intraday decline since April 30. decline in the broader market ahead of last week’s FOMC meeting. ShayanBTC, analyst at CryptoQuant, designed more declines for ETH if its bearish futures market metrics do not improve.
These additional declines materialized, leading to a retest of $3,362 on June 14. However, a slight recovery pushed ETH back above $3,500. Despite the new high, the crypto asset must close above the 20-day SMA ($3,690) to exit the downtrend.
DAO hits annual low
DAO Creator (DAO) was one of the biggest losers last week, witnessing a 7.9% price drop despite an upbeat start to the week. The DAO’s decline, which followed the downtrend in the global crypto market, saw the asset leave the $0.6 territory for the first time this year.
After rising 1.97% on June 9, DAO recorded four consecutive intraday losses, falling 10% in this period and breaking 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) fell to 25.61, suggesting that the asset is currently undervalued at the current price of $0.5822. Consequently, a reversal of the uptrend may be underway.
ELON records 7% weekly gain
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 broader market downtrend, posting a weekly gain of 7%. Although the market saw a slight rise on June 9, ELON rose a massive 9.49%.
However, this increase hit a snag at the high of $0.0000001985, resulting in two days of consecutive declines. The asset showed mixed trends, witnessing dips and rises, but leveraging 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 fell below this fundamental moving average during the downtrend two weeks ago. The asset would need to reclaim the $0.0000002 region to have a chance of changing its momentum higher.
Dogelon Mars is not directly related to Tesla CEO and X owner Elon Musk. The ELON token now has more than 151,600 holders, according to Etherscan.