AMP Price Prediction: Will the AMP Token Recover After the Market Sell-Off?

AMP price gained 12% in the past intraday, and led its market cap gain to $327.6 Million. Despite the overall sell-offs going on in the second quarter of 2024, the price has grown by 55% in the past two weeks.

AMP price increased by 12% in the last two hours of trading and market share gains reached $327.6 million.

Despite the general sales in the second quarter of 2024, the price has increased by 55% in the last two weeks. Instant spot volume entry indicated the possibility of continued growth.

Instantly, spot volume increased by 241% to continue the current trend. There was also a high liquidity of 25.84%.

AMP Price On-Chain Overview

According to on-chain research site IXFI, transactions greater than $100,000 rose to $6.78 million this week. While active addresses increased from 119 to 258, the number of transactions jumped from 167 transactions to 749.

Meanwhile, transaction volume increased from 230.29 million AMP to 2.16 billion AMP. It was accompanied by the continuous growth and adoption of its total addresses, reaching 96,260 addresses (at press time).

Similarly, the concentration of large investors showed 87% of the token supply in circulation; whales held 72.22% and investors 14.87%.

Retail investors held the remaining 12.91% of the floating supply. On average, the token was held for 8.1 months before being transferred.

Most positions were lost due to massive selling due to the previous disruption. But in the last two weeks, the slight presence of bulls made the market green, which improved the position of investors.

IXFI, 12,100 addresses are making money in the current price scenario, which is 12.45%. The majority were still at a loss, accounting for 81,410 addresses (83.71%).

According to Tokenomics, the circulating supply at press time was 80.722 billion AMP, down from 99.213 billion AMP. Based on total floating supply according to the rich list, the top 10 investor addresses held 69.98% supply.

According to data from on-chain metrics, it gave a signal of growth towards the north. This happened after riding above the Change Character (CHoCH) level.

What Will Be the Next Movement in AMP Price?

AMP price followed a downward trend after peaking at $0.01690 in March 2024.

Recently, AMP has been forming a falling wedge on the daily chart, which is typically a bullish pattern.

For this formation to trigger a significant upward move, the AMP token must remain above the 50-day and 200-day EMA levels. It also needs to surpass the $0.00500 level.

AMP price, which was traded at $0.00407 as of press time, showed a bullish cross and RSI broke the middle line.

If the price continues to decline, important support levels to watch are $0.00350 and $0.00280. Breaking these supports may cause further decline.

On the other hand, if the AMP token price breaks through the upper boundary of the falling wedge with strong bullish momentum, it may experience a significant price increase. Potential resistance levels to watch in this scenario are $0.00620 and $0.00835.

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