- AMP token shows the 20 and 50- day EMA are on the verge of giving a bullish crossover
- The AMP/BTC pair was trading at 0.000001193BTC with a gain of 5.53 %
- The 24hr trading volume in AMP token is $68.8 Million
On 31st August, the AMP token bounced back from the $0.05 support, providing an excellent long opportunity for AMP traders. As the price started to move higher, it struggled a bit at $0.58, displaying a long higher price rejection candle. However, yesterday the token’s price managed to break out from that resistance, providing more confirmation of market bulls.
Regarding the EMA’s, the AMP token has shown a bullish trend as the price is trading above the crucial EMA’s 20, 50, 100, and 200. In addition, the chart also shows the 20 and 50 EMA can soon provide a bullish crossover, luring even more buyers to the token.
The RSI (BULLISH) value is at 52, indicating a slight bullish momentum in the token.
AMP Token Chart Forming An Ascending Triangle Pattern
The AMP token chart shows the formation of an ascending triangle pattern in the 4hr time frame. The neckline for this pattern is t $0.61, and a breakout from this level should provide a great excellent opportunity for AMP traders.
Moreover, the AMP traders can plot the traditional pivot levels in the chart, as they provide remarkable confluence with the SR levels, providing an extra edge in one’s trading.
The MACD indicator (BULLISH) shows that both the MACD and signal lines are moving higher to the neutral zone(0.00), indicating bullish momentum in the token. However, due to the wavering movement in price, these lines seem inactive.
Conclusion: From the technical perspective, the price shows a great opportunity for its traders with the breakout of a $0.06 mark and the formation of an ascending triangle pattern. With the completion of this pattern, the AMP trader can expect a nearest target till the $0.0675 mark.
Support– $0.05
Resistance– $0.06