- Summary:
- AMP Price Prediction: AMP crypto is trading at historic lows. It needs to break above $0.003 to show some stregnth.
AMP price is trading at historic lows as BTC price struggles to break above the key level of $31,000. AMP coin has immensely underperformed when compared to other popular altcoins. AMP crypto is nearly 80% down from its yearly peak and 98% down from its all-time high.
On Friday, cryptocurrencies were showing a negative price action as the BTC price fell below $30,000 to its fresh weekly lows. The move triggered a sell-off in altcoins which were already facing headwinds due to rising Bitcoin dominance.
Why Is AMP Crypto Tanking?
AMP crypto is up 2.1% today after yesterday’s sell-off. The downtrend in once a very popular cryptocurrency can be attributed to a lot of fundamental and technical factors. The biggest factor is the SEC’s crackdown on cryptocurrencies. In its lawsuit against Binance and Coinbase, the US regulator has labeled many altcoins as securities.
In February, the Attorney General of New York alleged AMP coin and a few other cryptocurrencies as securities in its lawsuit against CoinEX crypto exchange. Since then, AMP price has been in a tailspin without any signs of recovery.
AMP Price Prediction July 2023
The following chart shows that AMP has been making lower highs and lower lows constantly. The coin started 2023 with a positive price action in the first two months. However, the price action reversed as the BTC price started to show weakness.
It is quite evident from the chart that the AMP price prediction is looking very bearish for the rest of the year. The bulls need to reclaim the $0.003 level to show some strength. However, for a proper bullish reversal, the coin needs to break above the weekly swing high of $0.009.
I’ll keep posting my updated AMP analysis and my personal trade setups on Twitter, where you are welcome to follow me.
