- AMP coin after facing rejection from the descending triangle pattern is now recovering upwards with a curve over the daily price chart.
- The crypto asset is trying to recover till 20 EMA and is lagging behind 50, 100 and 200-days Daily Moving Average.
- The pair of AMP/BTC is at 0.0000004679 BTC with an intraday gain of 6.00%.
AMP price at first fell from a descending triangle pattern as BTC slumped below $25000 and is now recovering towards the last support zone of descending triangle pattern making the last support as its new resistance. AMP investors need to wait until AMP recovers through this curve and accomplish itself over the daily price chart. The token is trying to retain its uptrend momentum but short-sellers are still in the game due the bear market circumstances the altcoin may face rejection as soon as it reaches the resistance level. However, AMP must accumulate a significant amount of buyers in order to recover over the daily price chart.
AMP price is presently CMP at $0.0095 and has gained 5.90% of its market capitalization in the last 24-hour period. Trading volume has increased by 48% in the intraday trading session. This shows that buyers are still there to save the topken and register the recovery curve. Volume to market cap ratio is 0.02017.
AMP coin price is trying to recover and retain its position with strong uptrend momentum. The token must maintain its uptrend momentum to sustain at the new resistance level to register its breakout. However, volume change can be seen below average and needs to grow in favor of bulls. The crypto asset is trying to recover till 20 EMA and is lagging behind 50, 100 and 200-days Daily Moving Average. This shows that 20 EMA is playing hard and a reversal role for AMP to be in the uptrend momentum.
Support on the lower end is at $0.0080 and resistance on the higher side is at $0.0105.
Will AMP bulls Accumulation Succeed?
AMP coin price has been trying to recover towards the resistance level of $0.0105 but bears are trying to reverse the trend and AMP is going through short selling pressure in the intraday trading session. However, bulls can save AMP from falling again as the accumulation is still on its way. Technical indicators suggest the recovery phase of AMP coin. Relative Strength Index showcases that AMP has never gained significantly in the past few months and has been declining towards the oversold territory. RSI is at 39 and AMP investors can expect any directional change upto 45.
MACD exhibits the uptrend momentum of AMP coin. The MACD line is ahead of the signal line after a positive crossover.
Conclusion
AMP price at first fell from a descending triangle pattern as BTC slumped below $25000 and is now recovering towards the last support zone of descending triangle pattern making the last support as its new resistance. AMP investors need to wait until AMP recovers through this curve and accomplish itself over the daily price chart. 20 EMA is playing hard and a reversal role for AMP to be in the uptrend momentum. Volume change can be seen below average and needs to grow in favor of bulls. Technical indicators suggest the recovery phase of AMP coin. RSI is at 39 and AMP investors can expect any directional change upto 45.
Technical Levels
Support Levels: $0.0080
Resistance Levels: $0.0105
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.