Chainlink, Fantom, MANA Price Analysis: 12 January

0

 222 total views

After poking its seven-week high on 11 January, Chainlink formed a bearish divergence with its 4-hour RSI. 

Contrarily, Fantom saw a V-shaped recovery after flashing bullish near-term technicals. MANA also displayed a bullish bias after crossing its 20/50 SMA but could not back it up on increased volumes.

Chainlink (LINK)

TradingView, LINK/USDT

Since the up-channel (yellow) breakdown on 3 December, LINK bulls retested the $22.42-level four times over the past month. They finally breached this level after the falling wedge (green) breakout resulted in two up-channels over the past 12 days.

LINK noted a 50.2% ROI (from 1 January low) until it poked its seven-week high on 11 January. The alt flipped the $25.7 support from resistance (for nearly 40 days). 

The volume Oscillator marked lower peaks, indicating a weak bullish rally over the past few days. 

At press time, LINK traded 49.3% below its ATH at $26.48. The price saw exponential gains while the RSI marked lower peaks, revealing a bearish divergence. Further, the AO chose the buyers but saw lower highs, reaffirming their decreasing strength.

Fantom (FTM)

TradingView, FTM/USDT

After forming a bearish divergence (white), FTM price action reversed from its supply zone (rectangle, yellow).

The ascending broadening wedge (white) saw a break down after FTM poked its two-month high on 5 January. Since then, the alt lost nearly 34.1% of its value to find testing grounds at the $2.09-mark. From here, it regained more than the value it lost after in a V-shaped recovery (yellow). The alt gained 34.2% from the 10 January low until press time.  

At press time, FTM traded at $2.8461. The RSI steeply surged and looked turned its back on the overbought territory. Further, the DMI flashed a bullish bias too. However, the OBV corresponded with the spike, hinting at an increased buying pressure.

Decentraland (MANA)

TradingView, MANA/USDT

On its 4-hour chart, the alt saw a breakdown from the down-channel (yellow) until the $2.7-mark two-month support. The token saw a 22% incline on 6 January after Samsung stepped into its metaverse.

However, it succumbed to the broader sell-off by over-retracing the previous jump in a down-channel (white). Accordingly, MANA poked its five-week low on 10 January. 

Now, with over 17% gains over the past two days, MANA reclaimed the $3.02 support.

At press time, MANA traded above its 20/50 SMA at $3.0669. The RSI crossed the half-line to test the 60-mark and flashed a bullish bias. Further, the Volume Oscillator marked lower peaks, hinting at a weak bullish move.

Adblock test (Why?)

Disclaimer:

Blockcast.cc does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice or recommendations. Every investment and trading move involves risk, you should conduct your own research when making a decision.