Last week saw significant bearish sentiment dominating the cryptocurrency markets, with Bitcoin (BTC) slipping below the crucial $65,000 mark, setting off widespread selling pressure and a steep decline in the global crypto market cap to below $2.4 trillion, ending the week at $2.35 trillion.
AVAX (Avalanche)
Avalanche (AVAX) faced substantial turbulence last week, particularly on June 17 and 18, amidst a broader market downturn. Starting with a modest 0.23% gain, AVAX plummeted nearly 12% over two days to trade at $26.60, marking its lowest price since December. The token hit new yearly lows of $24.94 on June 18 and further dropped to $24.52 by June 22, ending the week at $25.61 with a weekly loss of 14.66%. Despite these declines, AVAX’s Relative Strength Index (RSI) at 25.15 and Commodity Channel Index (CCI) at -138.2 suggest extreme oversold conditions, potentially signaling a rebound.
JASMY (JasmyCoin)
JasmyCoin (JASMY) experienced volatility with intermittent gains and losses. After a 12.33% surge on June 16 during a period of minimal gains for BTC, JASMY endured four consecutive days of losses, culminating in a 25% drop. The token briefly tested below its lower Bollinger Band ($0.0296) on June 20 but managed an 8.52% recovery on June 22, closing the week down 7.46%. JASMY remains below the 20-day Exponential Moving Average (EMA) at $0.03540, indicating continued bearish sentiment despite recent price recovery efforts.
BONK (Bonk)
Bonk (BONK), categorized as a meme coin, displayed heightened volatility last week. Despite a 3% gain on June 16, BONK suffered a sharp 17% decline on June 17 and 18. Following this downturn, despite securing a listing on Bitstamp, BONK closed the week with a 15.6% loss. To reverse its bearish momentum, BONK needs to surpass key levels such as the 23.6% Fibonacci retracement ($0.00002543) and the 50-day EMA ($0.00002637), potentially targeting the $0.00002909 resistance and aiming for the psychologically significant $0.00003 level.
These cryptocurrencies are likely to attract attention due to their recent price movements and technical indicators. Investors are advised to closely monitor market developments and consider the potential for price reversals in the context of broader market conditions.
