Amp is one of the best performing cryptocurrencies in the weekly timeframe. The cryptocurrency is surging with a weekly growth of 55% – the second highest, currently, At the time of writing, Amp stands at a price level of $0.07. The token has begun declining in the daily timeframe and lost 10% of its value. The daily trading volume of the cryptocurrency has also declined by nearly 30%.
Technical analysis
Despite the bearish divergence in the past twenty-four hours, the market sentiment for Amp continues to be bullish. Ten of the total twenty-six technical indicators are giving out at indication of buy. Eight indicators of the rest are standing at a neutral position and only three are giving out a signal of sell.
Amp coin had been identified to be operating in a triangular formation. The cryptocurrency was trending upwards towards the upper boundary of the formation and test the resistance. However, the recent bearish movement of the coin has resulted in a break out from the formation to the downside. As the support at the lower boundary could not sustain the cryptocurrency, the next support level will prove to be crucial for its future. The next support level lies at the price of $0.62. If AMP coin is able to stabilize in the region and establish the price level as a strong support, there is hope for the return of bullish momentum. However, it can go further lower.
Amp price prediction
In the short-term, the cryptocurrency is bearish but the long-term predictions for Amp are bullish. According to the estimates of Wallet Investor, the one-year price level of the cryptocurrency will be $0.15 while the five-year projection shows a price of $0.48. Digital Coin Price’s estimations are also optimistic for the cryptocurrency. Per their projections, the coin will end the year with a price of $0.10 and reach towards $0.25 by 2026.
