- AMP token shows a strong higher price rejection candle at the overhead resistance trendline.
- The AMP/BTC pair was trading at 0.00003829 BTC with a gain of 8.92 %
- The AMP token price reclaimed the 50-day EMA
The AMP token price is resonating in a descending triangle pattern in the daily time frame. The token price is currently at the doorstep of the overhead resistance trendline, displaying a long higher price rejection candle, suggesting that the price will continue to follow the triangle pattern. Thus, if the price sustains below the trendline, the AMP could plunge back to the bottom support of the $0.4 mark.
Concerning the EMA’s, the AMP token is trading higher than the crucial EMA’s 20, 50, 100, and 200, indicating a strong bullish trend formation. Moreover, the coin is trying to sustain above the 50 EMA line.
The RSI (BULLISH) value is at 58, indicating a bullish momentum in the token market. In addition, the RSI line has shown impressive growth in its value, projecting the growing strength of the market buyers.
Will AMP Coin Give A Fakeout From This Inverted Head And Shoulder Pattern?
Despite this coin’s negative sentiment, the technical chart offers new hope for long traders, with an inverted head and shoulder pattern within the 4hr time frame chart. The token price was able to give a breakout from its neckline with a candle closing above it. However, several long higher price rejection candles and a long bearish engulfing retest candle suggests the possibility of a fakeout of this pattern.
The MACD indicator indicates a bullish sentiment as both the MACD and the signal line are above the neutral zone(0.00).
Conclusion: From a technical perspective, the overall trend of the AMP token is bearish. And as mentioned above, the price shows a high possibility of maintaining its descending triangle pattern. Thus, traders should wait for a decisive breakdown from this bottom support of this pattern to grab an excellent short trade for them.
Support- $0.05
Traditional pivot levels
Resistance- $0.058