The dramatic trend reversal by the global cryptocurrency market has left the crypto space gloomy. The world’s largest cryptocurrency by market cap has drastically dropped below $36,000 pulling down Ethereum and other altcoins too.
Among these altcoins is Fantom (FTM) Price which is among the top 50 largest cryptocurrencies by market cap and is hit with strong selling pressure. Fantom is currently trading at $0.7061 with a fall of 4.62% over the last 24hrs.
Fantom To See A Bullish Trend Soon
The Fantom volume profile has had an interesting outlook since the start of 2022 and before this week’s market crash, the 2022 Volume Point of Control stood at $1.367. But as the month of May stepped in the currency’s Volume Point of Control has seen a fall towards the $0.777 range.
The previous Volume Point of Control at $1.367 was formed after twenty-one trading days whereas the new one at $0.7777 is formed in just six days. This data suggests that in less than one-third of the time, there has been more trading that occurred at a $0.777 value than in the $1.367 range.
Adding on, also in the past seven days the average volume has hit the highest in 2022, and this increased volume points toward a bull rally for the Fantom.
When looking at the Gann analysis, this increased volume points along with the volume inflows is an important phenomenon. This analysis reveals that there is a high expectation that a new and extended exponential price action is sure to happen from a time cycle outlook.
At present, Fantom price is at 190th day from its all-time high and this is considered important because according to Gann analysis, the 180-day Gann Cycle of the Inner Year (days between 180 days to 198 days) is the next most powerful in the 360-day Inner year cycle. Hence, as per Gann’s analysis, if any asset is trading above 180 days, then the trend reversal is most likely to occur.
So, for the Fantom price, the resistance barrier lies at the $1.20 value area before heading towards any bullish trend. On the other hand, if bulls fail to push the price, bears will pull down the Fantom price and if that happens, the price will hit the $0.50 range
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Source: https://coinpedia.org/altcoin/fantom-ftm-price-prepares-for-a-30-breakout/