Last week, the cryptocurrency market experienced significant selling pressure, with Bitcoin falling below $65,000 for the first time in over a month. This downturn had a ripple effect, causing losses across the entire market and leading to a $70 billion reduction in the global crypto market cap, which ended the week at $2.35 trillion.
Despite the overall bearish sentiment, there are a few cryptocurrencies worth keeping an eye on this week based on their on-chain performances and social trends.
AVAX, which is the native token of the Avalanche platform, hit a yearly low last week. The token suffered a heavy blow, dropping nearly 12% within two days to trade at $26.60. It broke its record for the lowest price this year on two occasions, hitting $24.94 on June 18 and dropping even further to $24.52 on June 22. AVAX closed the week with a 14.66% loss, marking a year-to-date drop of 33%. However, technical indicators suggest that AVAX may be oversold and due for a rebound.
JasmyCoin (JASMY) also faced challenges last week, with the token retesting the lower Bollinger Band after a 25% collapse. Although it saw an 8.52% gain on June 22, JASMY closed the week with a 7.46% drop. The token continues to trade below the 20-day EMA, indicating bearish sentiment despite the recent recovery.
On the other hand, Bonk (BONK), a meme coin, experienced higher volatility and steeper declines compared to the rest of the market. After a 17% crash in BONK’s price on June 17 and 18, the token closed the week with a 15.6% drop. In order to shift momentum to bullish, BONK needs to push above key resistance levels, including the 23.6% Fibonacci retracement and the 50-day EMA.
Overall, while the cryptocurrency market faced challenges last week, there are opportunities for potential rebounds and gains for those watching AVAX, JASMY, and BONK closely in the coming days. Investors should stay updated on market trends and technical indicators to make informed decisions about these cryptocurrencies.