Amp is a blockchain-based platform for facilitating secured asset transfers. By using collateral pools, AMP spreads the risk among various network participants. It is a decentralized, fast, and hack-free ecosystem suitable for solving real-world issues. AMP is the in-house token of this network. Let us look at the technical analysis of AMP.
Past Performance
On Jul 22, 2021, AMP opened at $0.043. On Jul 28, 2021, AMP closed at $0.077. Thus, in the past week, the price has increased by a whopping 79%. In the last 24 hours, AMP has traded between $0.067-$0.08.
Day-Ahead and Tomorrow
Currently, AMP is trading at $0.075. The price has decreased from the day’s opening price of $0.077. Thus, the market seems bearish.
The MACD and signal lines are turning positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is turning bullish. Hence, we can expect the price to start rising soon.
Currently, the RSI indicator is at 49%. It faced rejection at 51% and fell to the current level. Hence, selling pressures are mounting. High selling activity will exert downward pressure on the AMP price.
However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Hence, the price may fall further.
In a nutshell, when we look at all three indicators together, the overall market momentum is bearish. Moreover, the market seems to be in a correction phase. The possibility of a trend reversal cannot be ruled out.
Look out for the next 4-hour charts to analyze the probable change in course.
AMP Technical Analysis
Currently, the price is below the first Fibonacci pivot resistance level of $0.08. The price may soon fall below the Fibonacci pivot point of $0.075. After that, we have to wait and watch if the price continues to fall or starts rising.
The price has tested and fallen below the 61.8% FIB retracement level of $0.075. It may further fall below the 50% FIB retracement level of $0.073. If the price retests and surpasses these levels by day close, a price uptrend has probably set in. In that case, the price upswing may continue tomorrow as well.
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