Weekly Crypto Downturn: Time To Rebalance Your Investments?

The third week of July has been decent in terms of recovery as the broader crypto markets continued to gain from last week. Bitcoin reclaimed a firm status above $60K and edged near the $65K. Other altcoins followed their path to recovery and managed to gain impressive returns.

However, few altcoins failed to gain traction and continued to struggle for gains this week. Celestia (TIA), MultiversX (EGLD), Gnosis (GNO) emerged as the top three underperformers of the week. It might be worth analyzing whether to hold on to these cryptocurrencies or whether it’s better to get rid of them.

Celestia (TIA)

TIA price continued to decline despite its popularity among investors. The daily chart shows that TIA has been struggling to gain ground after hitting fresh highs mid-February. 

Earlier, TIA had been in an uptrend, however, the price reversed after suffering a rejection at $20 in February. TIA started off this week on a bullish note, however, the bears made a comeback in the later sessions and the price suffered. 

At the time of writing, TIA was trading near the $6.15 mark, losing nearly 0.9% intraday and over 6.40% over the week. It has a market capitalization of $1.21 Billion and ranks 67th in the cryptoverse. 

MultiversX (EGLD)

EGLD has been among the losers since mid-March. The last couple of  weeks saw a recovery after a 60% fall in the last three months. However, the bulls could not resume with a recovery this week and suffered losses. 

As of now, EGLD crypto is at $35.23, recording a moderate loss of 2.13% over the week which could get worse. The bulls seemed to be losing momentum this week inviting bears for another sale. 

On the higher side, if the price manages to surpass $37.5, it may encourage more buyers to enter the market. However until the price hovers below it, the sellers may make a comeback and re-establish their dominance. 

Gnosis (GNO)

Gnosis has also been a part of crypto losers this week. GNO price suffered 2% this week making it the third most underperforming cryptocurrency this week. The daily chart highlights the formation of a falling wedge pattern with the price hovering near the lower boundary. 

Gnosis had a volatile week. While the initial sessions showed recovery, the price suffered near the 200 day EMA. The bulls need to surpass the 50 and 200 day EMAs in order to attain a bullish reversal.