AMP Coin Price Retests Its Important Resistance Level: Will AMP Price Rise Back Up?

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.

The Amp (AMP) price displayed a notable surge at the beginning of 2023, with its price skyrocketing by approximately 550% during the first quarter. But as the market lost momentum, this altcoin followed suit with a similar price action.

Over the past five months, the AMP crypto erased all its gains from the Q1 pump, which signaled a strong bearish reversal in the crypto market. On a positive note, the AMP price surged by 11.13% intraday, and it’s hovering close to its resistance/support level of $0.004150, indicating a potential reversal.

Given the current market sentiments, is this the right time to invest in AMP crypto? Are you planning to invest in this crypto but concerned about its prospects? Continue reading as we delve into the price analysis and short-term price targets of this altcoin in this article.

AMP Coin Price Retests Its Important Resistance Level: A Closer Examination

The AMP coin price formed a falling wedge pattern on the 1D time frame and has been trading within it since mid-April. Interestingly, the altcoin is hovering close to its resistance trendline and with a jump of over 11%, it is about to test it, the outcome of which is highly anticipated.

At the time of writing, the coin is trading at a price of $0.004153 with a circulating supply of 80,722,574,661 AMP and a total supply of 99,213,408,535 AMP tokens, securing the 144th position with a market capitalization of $327.03 Million.

The EMA 50-day acted consistently as a resistance in the AMP price chart on the 1D time frame, indicating a strong bearish sentiment for the altcoin in the cryptocurrency market.

However, the MACD indicator showed a continuous rise in the green histogram with its averages, indicating a bullish action. This highlights uncertainty in the future price action of this altcoin.

Will the AMP Price Continue to Rise Back Up? A Scenario Analysis

If the market manages to hold the AMP price above its support level of $0.004150, the bulls will regain momentum and attempt to test its resistance level of $0.006595. If the price manages to hold at that level, this altcoin will be poised to make a move toward its upper high of $0.009100.

On the other hand, if the bears regain momentum, the AMP coin price will begin trading under a bearish sentiment and continue to drop, potentially reaching a new yearly low.

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