Key cryptocurrencies to keep an eye on in the upcoming week Ethereum Decentralized Autonomous Organization and Elon Coin
Last week, the cryptocurrency market faced a predominantly bearish trend, with Bitcoin (BTC) leading the way with a 4% price drop. Other major tokens also experienced similar movements, although a few lesser-known cryptocurrencies managed to resist the downturn.
In the midst of the overall market pressure, the global cryptocurrency market cap saw a $120 million decrease, representing a 4.7% decline from $2.54 billion at the beginning of the week to $2.42 billion by the end of the week.
Below are some of the top cryptocurrencies to keep an eye on this week based on their recent performances:
ETH, DAO, and ELON Prices – June 16 | Source: Santiment
ETH Retests Lower Bollinger Band
After a slight increase at the start of last week, Ethereum (ETH) faced resistance and recorded price slumps. This led to a retest of the lower Bollinger Band, a pattern last seen during a downturn in mid-May.
On June 11, ETH experienced its largest intraday decline since April 30, dropping by 4.6% due to a broader market decline ahead of the FOMC meeting. Analyst ShayanBTC from CryptoQuant projected further dips for ETH if its bearish futures market metrics do not improve.
Subsequent drops led to a retest of $3,362 on June 14, but a slight rebound pushed ETH back above $3,500. Despite the renewed bullish sentiment, the cryptocurrency must close above the 20-day SMA ($3,690) to break out of the bearish trend.
DAO Hits Yearly Low
DAO Maker (DAO) was one of the week’s biggest losers, experiencing a 7.9% price decline despite a positive start. The asset fell below the $0.6 mark for the first time this year, following the broader market’s bearish trend.
After a brief increase on June 9, DAO saw four consecutive intraday losses, dropping by 10% and hitting $0.5707, its lowest price of the year. The asset’s daily Relative Strength Index (RSI) fell to 25.61, indicating undervaluation at the current $0.5822 price, suggesting a potential bullish reversal.
ELON Records 7% Weekly Gain
Dogelon Mars (ELON) stood out as one of the few assets to defy the market’s downtrend, posting a 7% weekly gain. Despite some declines following a significant surge on June 9, ELON managed to maintain its value above $0.00000018 with mixed trends.
Although still below the 50-day EMA at $0.0000002018, ELON needs to reclaim the $0.0000002 region to shift its momentum to bullish. Dogelon Mars is not associated with Tesla CEO Elon Musk but has gained over 151,600 holders, according to Etherscan.
To read more about the cryptocurrency market, check out the latest developments at LBank and its repercussions for breaking Japan’s financial regulations.
