Ethereum

FOMC

DAO Maker

Dogelon Mars

Mars

The cryptocurrency market experienced a predominantly bearish trend last week. Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>), 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: 
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 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/06/Ethereum-ETH-17.46.30-16-Jun-2024-1024x347.png" alt="Top cryptocurrencies to watch this week: ETH, DAO, ELON - 20"> 
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 ETH, DAO and ELON prices – June 16 | Source: Santiment
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<h2 class="wp-block-heading" id="eth-retests-lower-bollinger-band">ETH retests lower Bollinger Band</h2> 
Following a drop two weeks back, Ethereum (<a href="https://crypto.news/price/ethereum/" rel="">ETH</a>) 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.&nbsp; 
ETH dropped 4.6% on June 11, marking its largest intraday decline since April 30. This was due to a sharp <a href="https://crypto.news/bitcoin-price-dives-to-66k-ahead-of-fomc-decision-bullish-analyst-says-weve-seen-this-before/" rel="">decline</a> in the broader market ahead of last week’s FOMC meeting. ShayanBTC, a CryptoQuant analyst, <a href="https://crypto.news/analyst-projects-steeper-ethereum-dips-if-futures-market-trend-does-not-improve/" rel="">projected</a> more dips for ETH if its bearish futures market metrics do not improve.&nbsp; 
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.&nbsp; 
 You might also like: <a href="https://crypto.news/notcoin-surges-11-nearly-flips-vet-mkr-and-op/" rel=""> Notcoin surges 11%, nearly flips VET, MKR and OP </a> 
<h2 class="wp-block-heading" id="dao-hits-yearly-low">DAO hits yearly low </h2> 
<a href="https://crypto.news/dao-maker-launches-trust-wallet-extension/" rel="">DAO Maker</a> (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. 
<h2 class="wp-block-heading" id="elon-records-7-weekly-gain">ELON records 7% weekly gain</h2> 
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. 
 Read more: <a href="https://crypto.news/lbank-hot-water-breaking-japan-financial-rules/" rel=""> LBank in hot water for breaking Japan’s financial rules </a>

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

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