🔝 Top Cryptocurrencies to Watch This Week: ETH, DAO
The cryptocurrency market experienced a downtrend last week. Bitcoin (BTC), the leading asset, fell by 4%. Most major tokens followed similar movements, although some lesser-known cryptocurrencies managed to withstand the downturn. The global cryptocurrency market capitalization dropped by $120 million, a 4.7% decrease, from $2.54 billion to $2.42 billion.
Here are some top cryptocurrencies to watch this week, based on their recent performance:
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🌐 Ethereum (ETH)
🔻 Significant Price Drop: ETH fell by 4.6% on June 11, marking its largest single-day decline since April 30, due to a broader market drop ahead of the FOMC meeting.
📉 Bollinger Bands: ETH retested the lower Bollinger Band, the first time since the mid-May downturn. Subsequent drops pushed ETH to $3,362 on June 14, but it then slightly recovered above $3,500. To escape the bearish trend, ETH needs to close above the 20-day SMA ($3,690).
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📉 DAO Maker (DAO)
🔻 Annual Low: DAO was one of the biggest decliners last week, dropping 7.9% to hit its lowest price of the year at $0.5707. DAO started the week with gains but then lost 10% over four consecutive days.
📊 Low RSI: The daily RSI of DAO fell to 25.61, indicating the asset is currently undervalued at $0.5822. Therefore, a trend reversal may be imminent.
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**Note**: Always conduct thorough research before investing in any assets and manage your risks wisely. Wishing you successful and happy investing.
