Cosmos, Chainlink, GALA Price Analysis: 24 January

ambcrypto.com:

As Bitcoin struggled to cross its 4-hour 20-SMA, Cosmos, Chainlink, and Gala continued to flash bearish near-term technicals. After a huge spike in selling volumes, Chainlink had to defend the $15.16-zone to prevent a further breakdown.

Cosmos and Gala’s RSI saw reversal patterns while their prices still swayed below the 20-50-200 SMA.

Source: TradingView, ATOM/USDT

After retesting the $32.58-level for over seven weeks, the bulls finally initiated an inverse head and shoulder breakout on 1 January. The alt saw a staggering 79.61% ROI (From its 29 December low) and rallied toward its 5-week high on 7 January. 

While the bears ensured the $43-mark resistance, the bulls kept defending the 23.6% Fibonacci support until 21 January. The recent sell-off led ATOM to lose 35.6% of its value and 38.2% support. 

Meanwhile, the 20 SMA (red) plunged below the 50-200 SMA, confirming the increasing selling influence. Over the past day, bulls reclaimed the 38.2%-level, but could not cross the 200-SMA.

At press time, ATOM was trading at $32.58. The RSI saw a down-channel (yellow) after finding resistance at the midline. It exhibited a bearish edge in the near term. On the other hand, the MACD’s histogram found a close above the equilibrium, but its lines still chose the sellers.

Source: TradingView, LINK/USDT

LINK’s bulls breached multiple resistance levels at $20.86, $22.42, and $24.46 until the sellers stepped in at the $25.75-mark on 16 January. As a result, the alt marked a falling wedge (yellow) on its 4-hour chart. It lost 45.67% of its value (From 16 January) and poked its six-month low on 22 January.

The recent bearish candlesticks were supported by high volumes, as evidenced by the Volume Oscillator. This reading entailed a strong