Top cryptocurrencies to watch this week: AVAX, JASMY, BONK

Bearish forces continued to exert significant selling pressure last week, driving Bitcoin ($BTC) 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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$AVAX, $JASMY and $BONK prices – June 23 | Source: Santiment

$AVAX hits yearly low

Avalanche ($AVAX) 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 collapse 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.

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.

$JASMY retests lower Bollinger Band

JasmyCoin ($JASMY) 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 engineered 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.

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.

$BONK collapses

Bonk ($BONK), 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.

$BONK consolidated after this sharp drop, but maintained the bearish momentum despite securing 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.