Last week, the bears continued to exert heavy selling pressure, causing Bitcoin (BTC) to fall below the crucial $65,000 threshold for the first time in over a month. This drop rippled across the market, prolonging losses.
This resulted in a massive sell-off across markets, causing the global cryptocurrency market capitalization to fall by $70 billion, dropping below the $2.4 trillion mark to $2.35 trillion at the end of the week.
Based on on-chain performance and social trends, here are the top cryptocurrencies to watch this week.
AVAX hits lowest price of the year
Avalanche (AVAX) was hit hard, especially on the height of turmoil on June 17 and 18. AVAX started the week with a modest gain of 0.23%, lagging Bitcoin’s modest gains on the day.
But Bitcoin’s collapse triggered a market sell-off and Avalanche plummeted, dropping about 12% in two days to trade at $26.60 for the first time since December.
AVAX broke its record low price for the year twice last week, hitting a yearly low of $24.94 on June 18, before dropping even lower to $24.52 on June 22.
The asset lost 14.66% last week, closing the week at $25.61. This represents a 33% decline for Avalanche since the start of the year. However, AVAX’s RSI (25.15) and CCI (-138.2) indicate that the asset is extremely oversold and may be on the verge of a rebound.
JASMY retests lower Bollinger band
JasmyCoin (JASMY) saw higher gains during the upswing: for example, the token initially surged 12.33% on June 16, when BTC and other assets saw negligible gains.
This correction caused JASMY to post a four-day loss, ultimately resulting in a 25% collapse. JASMY eventually retested the lower Bollinger Band ($0.0296) on June 20 and briefly fell below it.
The asset surged decisively above the lower band on June 22, rising 8.52%, which allowed JASMY to regain some of its lost value, but it still saw a 7.46% drop last week.
Moreover, JasmyCoin continues to trade below the 20-day EMA at $0.03540 (blue line), indicating that the asset remains in bearish territory despite a late recovery.
BONK COLLAPSES
The only meme coin on this week’s “Top Cryptocurrencies” list, BONK, has suffered from high volatility, seeing steeper declines than other coins on the market.
Following a 3% rise on June 16th, bears crashed BONK shares by 17% on June 17th and 18th.
BONK stabilized after this drop but maintained its bearish momentum despite securing a listing on Bitstamp, down 15.6% at the end of the week. BONK needs to surpass the 23.6% Fib retracement ($0.00002543) and the 50-day EMA ($0.00002637) to turn momentum bullish.
A break above this level could provide enough strength for bulls to reach the resistance at $0.00002909 and coincide with the 38.2% Fib retracement, which will be crucial for the journey towards the psychologically important $0.00003 area.
