The market experienced a downturn, resulting in prolonged losses throughout. This led to a substantial selloff, causing a $70 billion reduction in the global crypto market cap, reaching below the $2.4 trillion mark and ending the week at $2.35 trillion. AVAX had a mild 0.23% gain in the beginning of the week, following a meager rise in Bitcoin’s value. It hit a new yearly low of $24.94 on June 18 and dropped further to $24.52 on June 22, closing the week at $25.61 with a 14.66% loss, marking a YTD drop of 33% for Avalanche.
However, its RSI (25.15) and CCI (-138.2) indicate that the asset is extremely oversold and may be due for a rebound. JASMY initially soared 12.33% on June 16, while BTC and other assets saw negligible gains. However, it later experienced four days of losses, culminating in a 25% collapse. After retesting the lower Bollinger Band ($0.0296) on June 20, it saw a brief drop below it, but managed to recover slightly, closing the week with a 7.46% drop.
It continues to trade below the 20-day EMA at $0.03540, indicating its position in bearish territory, with steeper declines than the rest of the market. BONK witnessed a 3% gain on June 16, followed by a 17% crash in price on June 17 and 18. It closed the week with a 15.6% drop. For a shift to bullish momentum, BONK must push above the 23.6% Fibonacci retracement ($0.00002543) and the 50-day EMA ($0.00002637), which would be crucial for reaching the $0.00003 territory.
