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Avalanche

Bearish forces continued to exert significant selling pressure last week, driving Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>) below the critical $65,000 threshold for the first time in over a month. This downturn echoed throughout the market, resulting in prolonged losses. 
Consequently, the entire market experienced substantial selloffs, leading to a $70 billion reduction in the global crypto market cap, which fell below the $2.4 trillion mark, ending the week at $2.35 trillion. 
Here are our picks for top cryptocurrencies to watch this week, based on their on-chain performances and social trends: 
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 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/06/Avalanche-AVAX-12.47.22-23-Jun-2024-1024x347.png" alt="Top cryptocurrencies to watch this week: AVAX, JASMY, BONK - 22"> 
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 AVAX, JASMY and BONK prices – June 23 | Source: Santiment 
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<h2 class="wp-block-heading" id="avax-hits-yearly-low">AVAX hits yearly low&nbsp;</h2> 
Avalanche (<a href="https://crypto.news/price/avalanche/" rel="">AVAX</a>) suffered a heavy blow, especially on June 17 and 18 when the turbulence intensified. AVAX began the week with a mild 0.23% gain, trailing Bitcoin’s meager rise that day. 
However, as the Bitcoin <a href="https://crypto.news/87-of-bitcoin-holders-in-profit-despite-btc-dip-to-below-64k/" rel="">collapse</a> triggered a market drop, Avalanche recorded a free fall, collapsing nearly 12% within two days to trade at $26.60 for the first time since last December. 
AVAX broke its record for the lowest price this year on two occasions last week. It hit a new yearly low of $24.94 on June 18, and then dropped to a lower value of $24.52 on June 22.&nbsp; 
The asset saw a 14.66% loss last week, closing the week at $25.61. This figure marked a YTD drop of 33% for Avalanche. However, AVAX’s RSI (25.15) and CCI (-138.2) confirm that the asset is extremely oversold and may be due for a rebound. 
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<h2 class="wp-block-heading" id="jasmy-retests-lower-bollinger-band">JASMY retests lower Bollinger Band</h2> 
JasmyCoin (<a href="https://crypto.news/price/jasmycoin/" rel="">JASMY</a>) saw higher gains during periods of upswings. For instance, the token initially soared 12.33% on June 16, when BTC and other assets saw negligible gains. 
The correction saw JASMY record four days of losses, culminating in a 25% collapse. JASMY eventually retested the lower Bollinger Band ($0.0296) on June 20, briefly dropping below it. 
The asset <a href="https://crypto.news/jasmy-flops-ada-shows-strength-algotech-becomes-leading-ai-project/" rel="">engineered</a> a surge to decisively push above the lower band, with an 8.52% gain on June 22. This helped JASMY reclaim some of the lost values, but it still saw a 7.46% drop last week.&nbsp; 
Moreover, JasmyCoin continues to trade below the 20-day EMA at $0.03540 (blue line). This indicates that the asset remains in bearish territories despite the late-minute recovery.&nbsp; 
<h2 class="wp-block-heading" id="bonk-collapses">BONK collapses </h2> 
Bonk (<a href="https://crypto.news/price/bonk/" rel="">BONK</a>), the only meme coin on this week’s “top cryptocurrencies” list, suffered from its higher volatility. It is witnessing steeper declines than the rest of the market. 
Following a 3% gain on June 16, the bears triggered a 17% crash in BONK’s price on June 17 and 18.&nbsp; 
<a href="https://crypto.news/pepe-minu-and-bonk-see-gains-as-memecoin-slump-ends/" rel="">BONK</a> consolidated after this sharp drop, but maintained the bearish momentum despite <a href="https://crypto.news/bonk-now-listed-on-bitstamp/" rel="">securing</a> a listing on Bitstamp. It closed the week with a 15.6% drop. BONK must push above the 23.6% Fibonacci retracement ($0.00002543) and the 50-day EMA ($0.00002637) to flip its momentum to bullish. 
A breach of this level could provide enough strength for the bulls to reach the $0.00002909 resistance, aligning with the 38.2% Fibonacci retracement. This would be pivotal for the journey toward the psychologically important $0.00003 territory. 
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Top cryptocurrencies to watch this week: AVAX, JASMY, BONK

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