As the crypto market got off to a bullish start to the year, Amp price saw a surge of about 550% in the first quarter. However, as the market lost momentum, this altcoin followed suit and saw a similar price movement.
Moreover, AMP crypto has erased all the gains from the Q1 pump of the last five months, indicating a strong bearish trend reversal in the crypto market. On the positive side, AMP price is hovering near its resistance/support level of $0.004150 with an intraday jump of 11.13%, indicating a possible trend reversal.
Is this the right time to invest in AMP cryptocurrency given the current market sentiment? Are you planning to invest in this cryptocurrency? But are you worried about its prospects? Scroll down as we have covered the price analysis and short-term price targets of this altcoin in this article.
AMP coin price retests its key resistance level:
The AMP coin price has formed a falling wedge pattern on the 1D time frame and has been trading within this pattern since mid-April. Notably, the altcoin is hovering near its resistance trend line and is on the verge of testing it with a jump of over 11%, the outcome of which is unpredictable.
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 secures the 144th spot with a market capitalization of $327.03 million.
The 50-day EMA is constantly acting as a resistance for the AMP price chart on the 1D time frame. This indicates a strong bearish sentiment for the altcoin in the cryptocurrency market.
On the other hand, the MACD indicator has shown a constant increase in the green histogram, with its averages indicating a bullish movement. This highlights the uncertainty regarding the future price action of this altcoin.
Will the AMP price rise again?
If the market sustains the AMP price above its support level of $0.004150, the bulls will regain momentum and test its resistance level of $0.006595. Sustaining the price at this level will set the stage for this altcoin to head towards its upper high of $0.009100.
Conversely, if the bears regain momentum, the price of the AMP coin will trade under a bearish sentiment and fall to a new yearly low.
