Bearish forces continued to exert significant selling pressure last week, pushing Bitcoin (BTC) below the critical $65,000 threshold for the first time in over a month. This downturn reverberated throughout the market, leading to long-lasting losses.
As a result, the entire market witnessed a massive sell-off, resulting in a $70 billion drop in the global cryptocurrency market capitalization, which fell to less than $2.4 trillion, ending the week at $2.35 trillion.
Here are our picks for the top cryptocurrencies to watch this week, based on their on-chain performance and social trends:
AVAX hits yearly low
The avalanche (AVAX) was hit hard, especially on June 17 and 18 when the disturbances intensified. AVAX started the week with a slight gain of 0.23%, lagging Bitcoin’s insignificant rise that day.
However, as the Bitcoin collapse sent the market lower, Avalanche recorded a free fall, collapsing nearly 12% in two days to trade at $26.60 for the first time since last December.
AVAX broke its record for the lowest price this year on two occasions last week. It reached a new yearly low of $24.94 on June 18, then fell to a lower value of $24.52 on June 22.
The asset saw a 14.66% loss last week, closing the week at $25.61. This number represents a 33% decrease since the beginning of the year for the Avalanche. However, AVAX’s Relative Strength Index (RSI) (25.15) and CCI (-138.2) confirm that the asset is extremely oversold and may be due for a bounce.
JASMY is retesting the decline of the Bollinger Band indicator
JasmyCoin (JASMY) has seen higher gains during bullish periods. For example, the token initially rose 12.33% on June 16, when Bitcoin and other assets saw minimal gains.
The correction saw JASMY record four days of losses, culminating in a 25% collapse. JASMY eventually retested the lower limit of the Bollinger band ($0.0296) on June 20, and briefly fell below it.
The asset engineered a rally to push decisively above the lower range, with an 8.52% gain on June 22. This helped JASMY recover some lost values, but it saw a 7.46% decline last week.
Furthermore, JasmyCoin continues to trade below the 20-day EMA at $0.03540 (blue line). This indicates that the asset is still in bearish territory despite the late recovery.
Bonk collapses
Bonk Coin (BONK), the only meme on this week’s “Top Cryptocurrencies” list, has suffered from high volatility. It is seeing steeper declines than the rest of the market.
After posting a 3% gain on June 16, the bears caused a 17% collapse in the price of BONK on June 17 and 18.
BONK has consolidated after this sharp decline, but has maintained bearish momentum despite securing its listing on Bitstamp. It ended the week with a decline of 15.6%. BONK must push above the 23.6% Fibonacci retracement ($0.00002543) and the 50-day moving average ($0.00002637) to flip its momentum to the upside.
A breakout of this level could provide enough strength for the bulls to reach the $0.00002909 resistance level, which is in line with the 38.2% Fibonacci retracement. This will be pivotal for the journey towards the psychologically important $0.00003 area.
