Most major cryptocurrencies experienced similar movements, with a few lesser-known tokens managing to defy the downturn. The global cryptocurrency market cap decreased by $120 million, representing a 4.7% decline, dropping from $2.54 billion at the start of the week to $2.42 billion by the week’s end. On June 9, Ethereum (ETH) closed above $3,700 with a mild 0.69% increase, but encountered resistance leading to price slumps in the following days, ultimately retesting the lower Bollinger Band. ETH’s largest intraday decline since April 30 occurred on June 11, with further drops leading to a retest of $3,362 on June 14.
However, a mild rebound has pushed ETH back above $3,500. To slip out of the bearish trend, ETH must close above the 20-day SMA ($3,690). DAO’s decline, which followed the bearish trend in the global crypto market, saw the asset fall below the $0.6 territory for the first time this year. Despite a 1.97% increase on June 9, DAO saw four consecutive intraday losses and broke below $0.60 to $0.5707, its lowest price this year.
A bullish trend reversal may be in the works as DAO recorded a 7% weekly gain despite the market downtrend. ELON experienced a massive 9.49% gain on June 9 but faced a roadblock at the $0.0000001985 high, resulting in two days of consecutive declines. It remains above $0.00000018 due to mixed trends, but would need to recover the $0.0000002 region to potentially flip its momentum to bullish. ELON currently has more than 151,600 holders according to Etherscan and has no direct relation to Tesla CEO and SpaceX owner Elon Musk.
