AMP Price Analysis: AMP Trading in a Breakthrough, Will the Bulls Hold or Will the Token Be Held?

  • AMP price is trading inside a descending triangle on the daily chart.
  • The crypto asset is currently hovering below the 20-, 50-, 100- and 200-day daily moving average.
  • The AMP/BTC pair is at 0.0000003762 BTC with an intraday gain of 2.11%.

AMP price is falling inside a descending triangle on the daily chart. AMP bulls try to push the token up. However, the bears try to pull the token for a breakdown. AMP investors should wait for any direction change on the daily chart. The AMP coin has been dropping for so long due to the ongoing bear market circumstances. As bitcoin is currently teetering below the psychological $30,000 level and trying to hold on to the uptrend momentum to break out of the consolidation phase. Other altcoins were also hesitant to gain support from buyers and started to rally lower on the chart.

AMP price is currently CMP at $0.0110 and has lost 0.50% of its market capitalization in the last 24 hours. Trading volume decreased by 8.95% during the intraday trading session. This shows that the AMP is currently trading under the control of the bears and that the bulls must accumulate to prevent the AMP from collapsing. The volume to market capitalization ratio is 0.01049.

AMP coin price is trying to take a strong uptrend on the daily chart. The token fell through a descending triangle pattern. Red volume bars mean AMP is trapped inside the drop pattern. The token is expected to garner buyer support and attract more buyers to escape the pattern. However, the bears are currently in control and are trying to register the token breakdown.

AMP coin price is trading in the crucial make or break situation, and the bulls need to come through or else AMP price could face more corrections.

This technical indicator suggests a bullish trend reversal for AMP Crypto

AMP coin price is trying to break out of the descending triangle pattern. The token is currently trading under the circumstances of a decisive decisive situation. The AMP must break out of the pattern to avoid being caught in the bearish trap. Technical indicators suggest the fall of the AMP coin.

Additionally, Bollinger Band is about to signal a positive sign for AMP. As the AMP is trading near the lower band, it may experience a trend reversal as soon as the AMP breaks out of the lower band. The Relative Strength Index shows that the AMP is heading into oversold territory. The RSI is at 33, is below neutral and hasn’t signaled anything for so long that it can be seen below a declining trendline. AMP investors can expect any change in direction as soon as the token enters oversold territory.

MACD presents the consolidation phase of the AMP coin. The MACD line is ahead of the signal line and preparing for a negative crossover which signifies the breakdown of the AMP coin from the descending triangle pattern.

Conclusion

AMP price is falling inside a descending triangle on the daily chart. AMP bulls try to push the token up. However, the bears try to pull the token for a breakdown. AMP investors should wait for any direction change on the daily chart. The AMP coin has been dropping for so long due to the ongoing bear market circumstances. Technical indicators suggest the fall of the AMP coin. AMP investors can expect any change in direction as soon as the token enters oversold territory.

Technical levels

Support Level: $0.009

Resistance level: $

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

Garland K. Long