Last week, Bitcoin (BTC) fell below the $59,000 threshold for the first time in eight weeks, leading to widespread losses across the market. Some assets, however, recorded new all-time highs amid the decline. As a result, the overall crypto market cap decreased by 4.6% to $2.24 trillion.
Dubbed the first culture coin on the internet, the meme coin started the week with a bearish trend, collapsing by 11.07% on June 23. Despite this, MOG spiked 45.32% on June 24 and June 25 due to increased social volume, solidifying its position as the largest cat-themed meme coin by market cap. MOG hit a new all-time high of $0.00002123 on June 29 amid increased interest, closing the week at $0.0000018355, marking a 67% increase.
However, its Commodity Channel Index (CCI) sits at 130.83, suggesting that the asset is overbought, indicating a potential pullback. KAS recorded a 25% weekly rise but had a less bullish performance than MOG. The PoW community-based asset entered a price discovery phase after breaching its previous all-time high of $0.1939 on June 30, reaching new record prices and becoming the 23rd largest cryptocurrency with a market cap of $4.725 billion.
Caution is advised as the new week begins, with a potential retracement as buying pressure reduces. Ethereum token experienced a similar bullish momentum, but bearish pressure erased most of its gains, coinciding with the upper Bollinger Band, presenting strong resistance from the bears. Fetch.ai, a decentralized machine learning platform, saw its corresponding coin collapse, with FET dropping by 27% from June 27 to June 29 and ultimately closing the week with an 8.56% loss.
Despite a rebound effort, the asset remains below the 20-day SMA, indicating indecisiveness in the market at the moment.
