FTM and LINK are today’s biggest gainers; ETH loses value against surging dollar

Chainlink (LINK/USD) and Fantom (FTM/USD) are two star performers on CoinMarketCap today. While they are not the only altcoins to be performing really well as the broader cryptocurrency market moves sideways, they’re definitely rallying.

In the morning on January 4, Chainlink had gained more than 7% over the previous 24 hours. CoinGape quotes experts as saying LINK is heading for a major breakout against Bitcoin. They are very bullish on the coin.

The best-performing altcoin this year?

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Analysts predict that Chainlink could be one of this year’s best performers. A cofounder of the oracle protocol, Sergey Nazarov, presented plans for cross-chain interoperability using CCIP. In 2022, Chainlink will introduce staking on its platform. These developments render LINK a major altcoin contender for a strong rally.

Fantom loses 50% of value, bounces back

Fantom, an Ethereum Layer 1 competitor, crashed by more than 50% from an all-time high of $3 recently. It’s starting to recover from some of these losses though. It gained almost 20% today.

Ethereum fails to clear resistance

Ethereum (ETH/USD) failed to clear the $3,850 resistance and began to lose value against the backdrop of a surging dollar. There remains risk of further downside although ETH is holding the $3,680 support. The second-biggest crypto by market cap underwent another decline from the $3,850 resistance zone. It’s trading for $3,744 and below the 100 hourly simple moving average.

To turn green near term, the pair must clear the $3,750 zone and the 100 hourly SMA. The hourly chart of ETH/USD showed a break below a major bullish trend line with support near $3,800, News BTC reported. The pair dropped below the $3,750 support level and the 100 hourly simple moving average. Bulls were active around $3,680 although ether spiked below the $3,700 level.

Price correcting higher

A low developed around $3,680, but the price is currently correcting higher. There was even a break above the $3,720 level. The next major resistance is near $3,785 according to analysts with News BTC. Any more gains could send the price back towards $4,000. The next main resistance is near the $4,200 level.