AMP price has gained a lot of strength in the past few weeks. After a pullback in July, the cryptocurrency surged 22.8% this week. The bullish momentum seems to be constantly increasing as the bulls retest a key resistance level on the chart.
On Wednesday, altcoins turned red as Bitcoin dominance increased. After a 0.10% increase, the market dominance of the biggest digital asset once again broke above 50%. This suggests that the money is flowing from the altcoins to BTC, which is attempting another breakout. Despite a sell-off in altcoins, AMP coin was still up 4.54% for the day.
The exact reason behind the ongoing rally in AMP coin is not known yet. It is highly likely that the price is having a short squeeze. If this is the case, we may continue to see the bullish price action in the coming weeks. However, technical analysis reveals that AMP price is yet to break above a key resistance level.
The recent surge in AMP is quite unexpected as it comes amid a negative price action by most altcoins. The coin had been facing intense selling pressure since the New York Attorney General labeled it a security. However, the price has shown a remarkable recovery and has been up 47% from its June lows.
The following AMP crypto chart is quite self-explanatory. The $0.003 level is the most critical level on the chart. Last week, the price retested this level but faced an intense rejection. After a sharp pullback, the coin is heading for another retest of this level.
AMP price prediction will flip very bullish if it close a week above the $0.003 resistance level. This will also confirm a breakout from the cup and handle pattern, which is a very bullish pattern. However, another rejection from this level could take it to retest the June lows.
I’ll keep posting my updated AMP analysis and my personal trade setups on Twitter, where you are welcome to follow me.
This post was last modified on Aug 02, 2023, 13:26 BST 13:26