Chainlink, Fantom, MANA Price Analysis: Jan 12

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

Conversely, Fantom saw a V-shaped rally after showing bullish short-term technical indicators. MANA also showed a bullish bias after crossing its 20/50 SMA but was unable to support it with higher volumes.

Chain link (LINK)

Since the breakout of the ascending (yellow) channel on Dec 3, LINK bulls retested the $22.42 level four times over the past month. They finally broke through this level after the breakout of the falling wedge (green) resulted in two rising channels in the last 12 days.

LINK saw an ROI of 50.2% (from the low of Jan 1) until it hit its seven-week high on Jan 11. The alt flipped the $25.7 support from resistance (for nearly 40 days).

The volume oscillator marked lower peaks, indicating a weak upside rally in recent days.

At press time, LINK was trading 49.3% below its ATH at $26.48. The price experienced exponential gains while the RSI marked lower peaks, revealing a bearish divergence. In addition, the OA chose buyers but saw lower highs, reaffirming its declining strength.

Phantom (FTM)

Trading view, FTM / USDT

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

The ascending broadening wedge (white) broke out after the FTM reached its two-month high on Jan 5. Since then, the alt lost nearly 34.1% of its value to find testing grounds at the $2.09 mark. From here, he regained more of the value he lost later in a V-shaped recovery (yellow). The alt gained 34.2% from the Jan. 10 low to press time.

At press time, FTM was trading at $2.8461. The RSI rose sharply and looked back at overbought territory. In addition, the DMI showed a bullish bias as well. However the OBV corresponded with the peak, hinting at further buying pressure.

Decentralized (MANA)

MANAUSDT 2022 01 12 19 04 59

TradingView, MANA/USDT

On its 4-hour chart, the alt saw a breakdown from the descending channel (yellow) to the two-month support at $2.7. The token saw a 22% incline on January 6 after Samsung entered its metaverse.

However, it succumbed to the broader selloff by retracing the previous break in a descending channel (white). Consequently, MANA reached its five-week low on January 10.

Now, with more than 17% gains in the last two days, MANA has reclaimed the $3.02 support.

At the time of publication, MANA was trading above its 20/50 MSMA at $3.0669. The RSI it crossed the midline to test the 60 mark and showed a bullish bias. In addition, the volume oscillator marked lower peaks, hinting at a weak up move.

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Chainlink, Fantom, MANA Price Analysis: Jan 12

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