Phantom (FTM) price action, like the majority of the altcoin market, continues to face strong selling pressure and massive dips from ATH levels. However, a change of direction and general trend may soon emerge, according to analyst Jonathan Morgan.
Phantom price finds new buyers at 2022 lows
Phantom price has a 2022 Skin Profile that looks very interesting. Before this week, the 2022 Skin Checkpoint was $1,367. However, since the beginning of May, the Point of Control Volume has fallen into the current trading range at $0.777. What makes this a significant improvement is the time it takes for the new Control Volume Point to form. The previous Control Volume Point of $1,367
was completed in twenty-one trading days. The new Control Volume Point was formed in just six trading days. This means that in less than a third of the time, more than $1,367 worth $0.777 were traded. Additionally, the average volume over the past seven days peaked in 2022.
The increase in volume is an important warning sign for all participants: Altcoin price may rally
Together with volume flows, it is an important time cycle in Gann analysis. The Gann analysis shows that from a time cycle perspective, a new and expanded expansion move is likely to be imminent. Phantom price is currently 190 days away from ATH. This is important because in Gann analysis, the 180-day Gann Cycle of the same year (180 days to 198 days) is the second strongest cycle in the 360-day inner year cycle. Gann says that if an instrument has been trending for more than 180 days, a trend reversal is likely. Jonathan Morgan, whose analysis we share as
Kriptokoin.com, thinks that $1.20 will be critical in upward price movements:
In case of any major rally in phantom price , resistance will likely be found in the $1.20 value area before any upside moves occur. If the bears successfully push FTM to 2022 lows, the $0.50 value area will be the next likely low.
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