Top Cryptocurrencies to Watch This Week: AVAX, JASMY, and BONK in Focus

Navigating the volatile crypto market can feel like charting unknown waters. Last week, Bitcoin’s dip below $65,000 sent ripples across the crypto sphere, impacting altcoins significantly. The global crypto market cap witnessed a substantial $70 billion decrease, settling below $2.4 trillion, ending the week at $2.35 trillion. Amidst this market turbulence, which cryptocurrencies are showing resilience and potential for rebound? We’ve analyzed on-chain metrics and social trends to bring you our top crypto picks to watch this week: Avalanche (AVAX), JasmyCoin (JASMY), and Bonk (BONK).

Let’s dive into why these three cryptocurrencies have caught our attention and what to expect in the coming days.

AVAX: Is a Rebound on the Horizon After Hitting a Yearly Low?

Avalanche (AVAX) experienced a challenging week, mirroring the broader market downturn. While it started the week with a marginal 0.23% gain, aligning with Bitcoin’s tepid rise, the subsequent market crash triggered a significant sell-off for AVAX.

Key AVAX Price Movements:

• June 17-18 Turbulence: AVAX faced intensified selling pressure, plummeting nearly 12% in just two days.
• New Yearly Lows: AVAX broke its yearly low twice last week, first reaching $24.94 on June 18 and then further declining to $24.52 on June 22. This marked its lowest price point since December of last year.
• Weekly Performance: Ultimately, AVAX recorded a 14.66% loss for the week, closing at $25.61. This translates to a year-to-date (YTD) drop of 33%.

Despite the bearish price action, technical indicators suggest a potential shift. AVAX’s Relative Strength Index (RSI) at 25.15 and Commodity Channel Index (CCI) at -138.2 indicate that the asset is currently in oversold territory.

What does this mean?

Being oversold doesn’t guarantee an immediate price surge, but it often signals that selling pressure may be exhausted, and a potential rebound could be in the cards. Traders often look for oversold conditions as potential buying opportunities, anticipating a price correction.

JASMY: Can JasmyCoin Recover After Retesting the Lower Bollinger Band?

JasmyCoin (JASMY) displayed interesting price action last week, showcasing higher gains during market upswings but also experiencing sharp corrections during downturns.

JASMY’s Volatile Week:

• Initial Surge: On June 16, JASMY bucked the trend, soaring 12.33% when Bitcoin and other assets showed minimal gains. This highlights JASMY’s potential for independent price movements.
• Correction and Lower Bollinger Band Retest: The subsequent market correction led to four consecutive days of losses for JASMY, culminating in a significant 25% drop. This pullback forced JASMY to retest the lower Bollinger Band at $0.0296 on June 20, briefly dipping below it.
• Recovery Attempt: Showing resilience, JASMY engineered a surge, gaining 8.52% on June 22. This positive movement helped it decisively climb back above the lower Bollinger Band and recover some lost ground.
• Weekly Performance: Despite the late-week recovery, JASMY still ended the week with a 7.46% loss.

Currently, JASMY is trading below its 20-day Exponential Moving Average (EMA) at $0.03540.

JASMY’s Bearish Territory:

Trading below the 20-day EMA is generally considered a bearish signal in technical analysis. It suggests that the short-term trend is still downward, even with the recent recovery. For JASMY to shift to a more bullish outlook, it needs to convincingly break and hold above this EMA level.

BONK: Meme Coin Volatility in Full Swing – Will BONK Bounce Back?

Bonk (BONK), representing the meme coin sector in our watchlist, lived up to its reputation for high volatility. As expected, BONK experienced even more pronounced price swings compared to the broader market.

BONK’s Wild Ride:

• Initial Gain and Sharp Crash: Following a 3% gain on June 16, BONK’s price was hit hard by the bears. A significant 17% crash occurred over June 17 and 18, wiping out earlier gains and pushing it lower.
• Consolidation and Bearish Momentum: After the sharp drop, BONK entered a consolidation phase. However, despite a positive development – a listing on the Bitstamp exchange – the overall bearish momentum persisted.
• Weekly Decline: BONK concluded the week with a substantial 15.6% drop, highlighting the inherent risks associated with meme coin investments during market downturns.

For BONK to reverse its current bearish trend, it needs to overcome key resistance levels.

Key Levels for BONK to Overcome:

• 23.6% Fibonacci Retracement: BONK needs to break above the $0.00002543 level, which represents the 23.6% Fibonacci retracement.
• 50-day EMA: Overcoming the 50-day EMA at $0.00002637 is also crucial for signaling a potential trend reversal.

Path to Bullish Momentum:

A successful breach of both the Fibonacci retracement and the 50-day EMA could provide the bullish momentum needed for BONK to target higher price levels. The next significant resistance lies at $0.00002909, coinciding with the 38.2% Fibonacci retracement. Reaching and surpassing this level would be a significant step towards reclaiming the psychologically important $0.00003 price point.

Key Takeaways and What to Watch For

This week presents a crucial period for AVAX, JASMY, and BONK. While all three experienced significant corrections amidst broader market weakness, they each exhibit unique characteristics and potential catalysts for recovery.

In summary:

• AVAX: Oversold conditions suggest a potential rebound. Watch for a break above immediate resistance levels and improvements in broader market sentiment.
• JASMY: Recovering from the lower Bollinger Band retest, but still in bearish territory below the 20-day EMA. Monitor its ability to break above and sustain gains above this EMA.
• BONK: Highly volatile and significantly impacted by market downturns. Key levels to watch are the 23.6% Fibonacci retracement and 50-day EMA. Overcoming these is essential for any bullish reversal.

Remember, the cryptocurrency market remains highly dynamic and influenced by numerous factors. Always conduct thorough research and consider your risk tolerance before making any investment decisions. Keep an eye on these three cryptocurrencies this week as they navigate these critical junctures. Will they bounce back, or will bearish pressures continue to dominate? Only time will tell, but keeping a close watch can provide valuable insights into market trends and potential opportunities.