•AMPUSD is currently priced at $0.0322 and is up 1.95% over the past 24 hours
•The Trading Volume has dipped by 5.67%
•The technical indicators suggest momentum building up
SHORT TERM VIEW
January was a period of turbulence for the altcoin it lost quite a bit of it’s value but it has pulled back from the post plunge low over the last few days.AMP though, is still trading significantly below it’s all time high of $0.1211 which it reached on June 16,2021.The AMP price today is $0.032214 USD with a 24-hour trading volume of $13,909,558 USD.Amp is up 1.95% in the last 24 hours.
AMP is currently trading in the Ascending Channel Trend pattern.More so, the chart shows the Higher Highs and Higher Lows from this price pattern which represents a short-term bullish sentiment.
The 20 and 50 SMA corroborate to the bullish momentum as AMP is currently trading above them.Moreover the 20 SMA leads the 50 SMA which indicates another upswing. The altcoin is building up for a rally which could possibly see it break the resistance level at $0.035. It is likely to find support at $0.029 in the short run.AMP has experienced reduced trading volume over the past 24 hours while the Volume to Market Cap Ratio stands at 0.010.
LONG TERM VIEW
The RSI indicator shows no divergence, while it moves slightly below the central line in the daily chart. The RSI currently stands at 43.35 which suggests that the coin is neither in overbought nor oversold territory.
The MACD indicator reinstates the bullish outlook and shows that the buyers have the legs to take AMP above the resistance barrier.Although theMACD and signal lines on the daily chart are beneath the zero line,the histograms are rising which suggests momentum building up for an upswing.
CONCLUSION
If the bulls are able to have a say in the proceedings,the coin may surpass the resistance level easily. However if the bears come in and take over, it could result in a loss of price levels for AMP. Hence it becomes imperative for the coin to show sustained momentum for the prices to increase. The price movement in the next few days will provide us with meaningful insight into the direction that the altcoin takes next.