Market Overview
The cryptocurrency market experienced significant selling pressure last week, with Bitcoin (BTC) falling below the crucial $65,000 mark for the first time in over a month. This downturn led to widespread selloffs, reducing the global crypto market cap by $70 billion to $2.35 trillion. Despite the overall bearish sentiment, several cryptocurrencies are worth watching this week due to their on-chain performance and social trends.
AVAX Hits Yearly Low
Avalanche (AVAX) faced severe losses, particularly on June 17 and 18 when market turbulence intensified. AVAX started the week with a modest 0.23% gain, mirroring Bitcoin’s slight rise. However, the subsequent market drop led to a steep decline for Avalanche, which fell nearly 12% in two days to $26.60, the lowest price since December of the previous year.
AVAX set new yearly lows twice last week, first hitting $24.94 on June 18 and then dropping to $24.52 on June 22. The asset ended the week with a 14.66% loss, closing at $25.61, marking a 33% year-to-date decline. Despite this, AVAX’s Relative Strength Index (RSI) at 25.15 and Commodity Channel Index (CCI) at -138.2 indicate that the asset is extremely oversold and could be poised for a rebound.
JASMY Retests Lower Bollinger Band
JasmyCoin (JASMY) exhibited higher gains during market upswings. On June 16, the token surged 12.33%, while other assets saw minimal gains. However, JASMY faced a correction, recording four consecutive days of losses and a 25% drop. On June 20, JASMY retested the lower Bollinger Band at $0.0296, briefly dipping below it.
The asset then staged a recovery, gaining 8.52% on June 22 and reclaiming some lost value. Nonetheless, JASMY still experienced a 7.46% drop for the week and continues to trade below the 20-day EMA at $0.03540, indicating it remains in bearish territory despite the late recovery.
BONK Collapses
Bonk (BONK), the sole meme coin on this list, experienced high volatility and steeper declines than the broader market. After a 3% gain on June 16, BONK plummeted 17% on June 17 and 18. Despite some consolidation, the bearish trend persisted, and BONK ended the week with a 15.6% drop.
To shift momentum to bullish, BONK must surpass the 23.6% Fibonacci retracement level at $0.00002543 and the 50-day EMA at $0.00002637. Achieving this could empower the bulls to target the $0.00002909 resistance, aligning with the 38.2% Fibonacci retracement, and eventually aim for the critical $0.00003 mark.
Conclusion
As the market continues to navigate through bearish pressures, AVAX, JASMY, and BONK present intriguing cases for observation this week. AVAX’s oversold status hints at a potential rebound, JASMY’s efforts to reclaim lost ground show promise, and BONK’s need to overcome key resistance levels could signal a shift in momentum. Keep an eye on these cryptocurrencies for potential movements and opportunities.
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