- The AMP coin price is forming a bullish peanut pattern at $0.00305076.
- The current price has rebounded from the 50-day and the 200-day EMAs.
Amp (AMP) is an open-source, decentralized protocol that uses the Flexa network. It is a digital collateral token that offers verifiable transfers using irreversible, secure transactions for a wide variety of assets. Launched in 2020, the protocol provides AMP tokens that are deployed on the Ethereum blockchain (ERC-20), Solana (SOL), and NEAR Protocol (NEAR). The maximum supply of these tokens is 99,444,125,026 AMPs.
Important Price Actions and Major Levels of the AMP Coin
The last quarter of the previous year became a game-changer for the AMP coin price. During that period, the AMP coin attracted a lot of buyers in the AMP protocol, which led to an increase of over 128% in its value.
However, the price faced some negativity in the opening of the 2024 first quarter, reflecting a decline of 6.67%. Despite being in a negative opening, the AMP coin price smartly formed a bullish peanut pattern at the $0.00264942 support level.
This pattern would be a positive indication of a bullish rally. The pattern forms between the $0.00436608 and the $0.00264942 support and resistance levels. According to technical analysts, the price may shortly reach $0.00556828 resistance.
The AMP token has been distributed widely in five categories, and the merchant development fund holds the highest number of tokens. AMP coin price is performing 364.97% above its all-time low price of $0.0007946.
Technical Analysis of the AMP/USD
The current AMP coin price is moving above the 50-day and the 200-day EMAs, reflecting an uptrend. Both EMAs also made a bullish crossover, a positive indication for the future upsurge. Currently, the EMAs are preventing the price from falling.
The AMP coin price shows enormous strength in an upward direction by breaking the $0.00436608 resistance level. In the last two trading sessions, it formed bullish candles with a high volume reflecting buyers’ sentiments.
At press time, the price has given a breakout from the bullish peanut pattern. Additionally, it is highly likely to reach the $0.00556828 resistance level because of the long rejection from the downside at $0.00264942.
Furthermore, the relative strength index (RSI) shows a solid bullish momentum in the current trading session, reflecting bullish sentiments. Currently, the RSI is moving slightly above the 50-mark middle band.
Summary
The AMP coin price has experienced strong buying in the last six months. Due to this, the price is forming bullish patterns. Recently, it has given a breakout from the bullish peanut pattern. The Exponential Moving Averages also suggest strongness on the bullish side. If the price maintains sustainability above the $0.00436608 level, it may soon reach the $0.00556828 resistance level.
Technical Levels
- Resistance Levels: $0.00436608, and $0.00556828
- Support Levels: $0.00264942, and $0.00129945
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.