- AMP price is trading inside a descending triangle pattern over the daily chart.
- The crypto asset currently falters below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of AMP/BTC is at 0.0000003762 BTC with an intraday gain of 2.11%.
AMP price is falling inside a descending triangle pattern over the daily chart. AMP bulls are trying to push the token upwards. However, bears are trying to pull the token for a breakdown. AMP investors need to wait for any directional change over the daily chart. AMP coin has been falling for so long due to the circumstances of the ongoing bear market. As bitcoin currently falters below the $30000 psychological level and is trying to retain the uptrend momentum to break out of the consolidation phase. The other altcoins also faltered to gain buyers’ support and started rallying bearishly over the chart.
AMP price is presently CMP at $0.0110 and has lost 0.50% of its market capitalization in the last 24-hour period. Trading volume has decreased by 8.95% in the intraday trading session. This shows that AMP is currently trading under control of bears and bulls must accumulate themselves to save AMP from breaking down. Volume to market cap ratio is 0.01049.
AMP coin price is trying to gain strong uptrend momentum over the daily chart. The token has been falling through a descending triangle pattern. Red bars of volume signifies AMP being trapped inside the falling pattern. The token should gather buyers’ support and attract more buyers to escape the pattern. However, bears are currently overpowering the situation and trying to register the token’s breakdown.
AMP coin price is trading at the crucial make-or-break situation, and bulls must come forward, or AMP price may face more correction.
This Technical Indicator Suggest Bullish Trend Reversal for AMP Crypto
AMP coin price is trying to escape the descending triangle pattern. The token is currently trading under the circumstances of a crucial make-or-break situation. AMP must escape the pattern to avoid being caught inside the bearish trap. Technical indicators suggest the downfall of AMP coin.
Moreover, Bollinger Band is about to signal a positive sign for AMP. As AMP is trading near the lower band, it may experience a trend reversal as soon as AMP crosses out of the lower band. Relative Strength Index showcases that AMP is heading towards the oversold territory. RSI is at 33, has been below neutrality, and hasn’t signaled anything for so long that it can be seen below a downward trendline. AMP investors can expect any directional change as soon as the token enters the oversold territory.
MACD exhibits the consolidation phase of AMP coin. The MACD line is ahead of the signal line and is preparing for a negative crossover which signifies the breakdown of AMP coin from descending triangle pattern.
Conclusion
AMP price is falling inside a descending triangle pattern over the daily chart. AMP bulls are trying to push the token upwards. However, bears are trying to pull the token for a breakdown. AMP investors need to wait for any directional change over the daily chart. AMP coin has been falling for so long due to the circumstances of the ongoing bear market. Technical indicators suggest the downfall of AMP coin. AMP investors can expect any directional change as soon as the token enters the oversold territory.
Technical Levels
Support Level: $0.009
Resistance Level: $
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.