- The AMP token price shows a long bearish candle from the $0.075 mark in the daily chart.
- The AMP/BTC pair trades at 0.000001026 BTC with a loss of 12.62%.
- The 24 -hours volume of the token is $175.2 Million, indicating a 61.62% loss.
Source: AMP/USD on Tradingview
Since the sudden fall in July, the AMP token has been resonating in a sideways trend. This range consists of $0.075 as the extreme resistance and $0.05 as the extreme support. A piece of positive news for the AMP token was its listing on the Binance exchange, which rallied the price to the overhead resistance of $0.075.
However, today, the token price experienced strong rejection from this level, initiating a bearish reversal with a long red candle of 15% loss in its intraday session. As per the coinmarketcap, the AMP token stands at 68th position with a loss of 12% in the last 24th hours.
The AMP price shows a rising bullish trend as the price breaks above all of the crucial EMAs 20, 50, 100, and 100 in the daily chart. However, the price may struggle to sustain above the EMAs due to the sideways trend.
The token price shows a rising bullish momentum; however, the pivot point indicates resistance levels at the $0.0692 and $0.078 mark if the price shows a bull run. Moreover, on the flip side, the support level is at $0.0588 after the $0.05 mark.
When will price escape this consolidation trap?
As we have already mentioned, the AMP Token has been wavering in this range for more than five months now. For price to initiate a new trend, it has to give a decisive breakout from either level of this range.
The RSI indicator indicates a rise for underlying bullishness as the slope rises above the 50% mark.
Conclusion: From a technical perspective, the AMP token indicates a clear sideways trend, and therefore to catch better directional move, the crypto traders have to wait till the price breaks out from the crucial level of this range
Support – $0.058 and $0.04
Resistance – $0.075 and $0.92