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As the crypto market has displayed a bullish start to the year, the Amp price displayed a surge of approximately 550% during the first quarter. However, with the market losing momentum, this altcoin followed in its footsteps by recording a similar price action.
Furthermore, AMP crypto erased all its gains from the Q1 pump over the past five months, indicating a strong bearish reversal in the crypto market. Positively, with an intraday jump of 11.13%, AMP price hovering close to its resistance/support level of $0.004150, highlighting a potential reversal.
With the present market sentiments, is this the right time to invest in AMP crypto? Planning on investing in this crypto? But concerned about its prospects? Scroll down as, in this article, we have covered the price analysis and short-term price targets of this altcoin.
AMP Coin Price Retests Its Important Resistance Level:
The AMP coin price has formed a falling wedge pattern in the 1D time frame and has been trading within it since mid-April. Notably, the altcoin is hovering close to its resistance trendline and with a jump of over 11%, is on the verge of testing it, the outcome of which is unpredictable.
TradingView: AMP/USDT
With a trading price of $0.004153, a circulating supply of 80,722,574,661 AMP, and a total supply of 99,213,408,535 AMP tokens, it has secured the 144th position with a market capitalization of $327.03 Million.
The EMA 50-day constantly acts as a resistance to the AMP price chart in the 1D time frame. This suggests a strong bearish sentiment for the altcoin in the cryptocurrency market.
On the other hand, the MACD indicator has displayed a constant rise in the green histogram with its averages showing a bullish action. This highlights uncertainty in the future price action of this altcoin.
Will AMP Price Rise Back Up?
If the market holds the AMP price above its support level of $0.004150, the bulls will regain momentum and test its resistance level of $0.006595. Maintaining the price at that level will set the stage for this altcoin to head toward its upper high of $0.009100.
Conversely, if the bears regain momentum, the AMP coin price will start trading under a bearish sentiment and plunge toward a new yearly low.