AMP Token May Turn Around Despite Recent Price Decline

AMP Token May Turn Around Despite Recent Price Decline

AMP price was at its highs during the mid-June at $0.12, after which it declined towards its support line of $0.03. The coin has been moving sideways for the past seven months between the price range of $0.08 and $0.03. In the past two months, the coin has fallen 100%. If the price of the AMP token continues to fall and closes below the support line, a downtrend momentum can be expected. 

However, if the price turns around from its support, it may head towards a minimum resistance point of $0.08. Further, if AMP breaks the resistance line and continues a ascend, a robust bullish momentum can be expected. AMP is constantly following the downtrend line stretching over from November 03, and though the price got tested several times with swing highs at the trend line, it failed to close above it.

On the daily chart, the MACD line is below the signal line from the past few days. The histogram chart shows a diminishing red candle which currently does not give any indication regarding price action. The RSI being at 32, has turned around from its oversold zone and may lead to an overbought zone. The volume bar doesn’t show much pressure of bears or bulls, and there is remote movement in the volume bar. On January 05, though the AMP price got tested at the downtrend but failed to uplift and rolled down 25% to a current price of $0.04. There is a formation of a triangle pattern, and the price is still moving within the triangle. If the price moves outside the triangle with the formation of bullish candles, an uptrend can be expected.

On the weekly chart, the price is taking the support of the bottom horizontal line. In the past two weeks, AMP has deteriorated by 25%. Based on AMP coin price prediction, the investors should wait for the price to show further move from the support line and invest accordingly. In the current scenario, the upcoming price action can not be concluded as the AMP price is revolving at a crucial support point from where it uplifted several times in the past.

Leave a Reply

Your email address will not be published. Required fields are marked *

About CryptoInvoke

CryptoInvoke strives to report the latest news on the ever-evolving crypto and blockchain industry by adhering to its high journalistic standards and editorial policies. It has an expert team of reporters, news editors, photographers, and videographers who work dedicatedly to keep growing and improving its standards.