Top cryptocurrencies to watch this week: ETH, DAO, ELON

The cryptocurrency market experienced a predominantly bearish trend last week. Bitcoin (BTC), the leading asset, saw its price decline by 4%. Most major tokens followed suit with quite similar movements, although a few lesser-known cryptocurrencies managed to defy the downturn.

Amid widespread market pressure, the global cryptocurrency market cap decreased by $120 million, representing a 4.7% decline. It dropped from $2.54 billion at the start of the week to $2.42 billion by the week’s end.

Here are our picks for some of the top cryptocurrencies to watch this week, based on their recent performances:

ETH retests lower Bollinger Band

Following a drop two weeks back, Ethereum (ETH) began last week with a slight uptick. It close June 9 above $3,700 with a mild 0.69% increase.

However, this rise met fierce resistance. ETH recorded price slumps in the days that followed, leading to a retest of the lower Bollinger Band. The last time Ethereum retested the lower Bollinger Band was during a downturn in mid-May. 

ETH dropped 4.6% on June 11, marking its largest intraday decline since April 30. This was due to a sharp decline in the broader market ahead of last week’s FOMC meeting. ShayanBTC, a CryptoQuant analyst, projected more dips for ETH if its bearish futures market metrics do not improve. 

These further drops materialized, leading to a retest of $3,362 on June 14. However, a mild rebound has pushed ETH back above $3,500. Despite the renewed bullishness, the crypto asset must close above the 20-day SMA ($3,690) to slip out of the bearish trend. 

DAO hits yearly low

DAO Maker (DAO) was one of the biggest losers last week, witnessing a 7.9% price slump despite a bullish start to the week. DAO’s decline, which trailed the bearish trend in the global crypto market, saw the asset relinquish the $0.6 territory for the first time this year.

After a 1.97% increase on June 9, DAO saw four consecutive intraday losses, slumping by 10% within this period and breaking below $0.60 to $0.5707, its lowest price this year. The last time DAO traded underneath $0.60 was in October 2023.

However, due to the sharp drop, DAO’s daily Relative Strength Index (RSI) has slipped to 25.61, suggesting that the asset is currently undervalued at the current $0.5822 price. Consequently, a bullish trend reversal could be in the works.

ELON records 7% weekly gain

Dogelon Mars (ELON) is our third pick on this week’s top cryptocurrencies list.

It was one of the few assets to defy the broader market downtrend, having recorded a 7% weekly gain. While the market saw a mild rise on June 9, ELON gained by a massive 9.49%.

However, this surge met a roadblock at the $0.0000001985 high, resulting in two days of consecutive declines. The asset saw mixed trends, witnessing declines and upswings, 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 collapsed below this pivotal moving average during the downtrend two weeks back. The asset would need to recover the $0.0000002 region to have a chance at flipping its momentum to bullish.

Dogelon Mars has no direct relation to Tesla CEO and X owner Elon Musk. The ELON token now has more than 151,600 holders, according to Etherscan.