- 1 Beam crypto plummeted over 21.31%, becoming the worst performer of this week.
- 2 Celestia and Lido Dao followed Beam, each crashing by more than 20% weekly.
Markets displayed a mixed performance characterized by volatility. Most of the crypto witnessed growth and surged in the 1st half of the week. However, the release of the U.S. Non-Farm Payroll (NFP) data prompted a significant sell-off, erasing much of the gains in the earlier sessions.
Despite a sharp reversal in the second half of the week, few cryptocurrencies managed a steady recovery by Saturday, thus enabling investors to either break even or secure profits.
On the other hand, a few cryptos that failed to rally in the early sessions of the week suffered greatly following the NFP news announcement. Beam, Celestia, and Lido Dao underperformed the most this week, each falling by more than 20%.
These cryptos have performed negatively this week, leading to substantial investor losses. Let’s analyze whether they hold the potential for a short-term rebound or if investors should consider reevaluating their portfolios in search of more promising opportunities.
Beam (BEAM) Crypto Leads the Weekly Losers
Beam crypto has been on a five-day losing streak after forming a bearish pin bar candlestick on Tuesday’s daily chart. The crypto dropped 21.31%. When writing, BEAM exchanged hands at close to $0.022, recording a swift negative intraday loss of 0.22%.
Price action analysis suggests that BEAM is nearing a multi-month low of $0.021, which may act as a strong demand and prevent the price from further falling. The intraday volume dropped by 50% to $13.57 Million, highlighting a drop in sellers’ interest as the price approaches the support levels.
Now, if the bulls establish their dominance near the support level, the crypto may bounce back to recover its weekly losses. However, if the bulls fail to defend the recent support, the price may break below the multi-month low.
Can Celestia Bounce Back From The Support?
Celestia, a modular blockchain platform, offers the unique ability to easily create personalized blockchains. TIA stands out by separating the execution process from consensus, thanks to its innovative approach to data availability sampling.
In the previous week, Celestia crypto noted a breakout from a declining parallel channel, signaling a potential end to the correction phase. Despite this positive development, the asset struggled to break through the $12 resistance level, retreating towards the support level near the $9.
Looking ahead, if the market sentiment turns bullish around the recent support of $9 and triggers a price rebound, it may result in a short term bullish reversal, potentially leading to gains for the TIA crypto. It has a live market capitalization of $1.73 Billion and ranked 59th in the cryptocurrency world.
LDO Failed To Break Out Of Correction Phase: What’s Next?
The Lido DAO crypto suffered rejection from the higher boundary of the parallel declining channel pattern and dropped towards the support losing 20.10% this week. The downward move marks a continuation of the correction phase.
Moreover, the LDO has been in a correction phase since February, it dropped nearly 50% from the annual highs. The higher boundary of a declining parallel channel pattern has been acting as a strong resistance.
Currently, the outlook could turn more bearish if the price falls beneath the critical support at $1.80. However, should the bulls manage to uphold this support level, there’s potential for the cryptocurrency to initiate a recovery phase.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
