AMP price has been trading sideways for the past few weeks. It seems that the AMP coin is awaiting the next BTC move while crawling at all-time lows. Even after tagging historic lows, there haven’t been any bullish reversal signals. Consequently, the long-term believers of the project are losing their faith.
On Wednesday, cryptocurrencies remain sideways as BTC is once again trading below $30,000. The biggest cryptocurrency is really struggling to hold the key psychological level, which is also keeping the altcoin price in check. At the time of press, AMP is changing hands at $0.0204 after sliding 0.44% during today’s trading session.
It is very hard to predict a future of a volatile asset like a cryptocurrency. AMP crypto was a very popular asset in 2021 and had an exponential run in the bull market. However, the price has dropped to historic lows due to the question mark on its status as a financial asset.
The New York Attorney General sued CoinEx exchange in February 2023. In this lawsuit, AMP was among the list of assets labeled as securities. This triggered a sell-off in AMP price which is now trading 98% below its all-time high. Any significant recovery is unlikely until the price reclaims $0.03 level to show some strength.
It is quite clear from the following chart that the price is trading sideways without any significant volatility. The price has recently bounced off the $0.01804 level, but the bulls seem to be lacking the momentum to push it higher. Such sideways price action often results in major price moves.
At the moment, AMP price prediction is not looking very bullish as nobody seems interested in the project. The final hope for the bulls is some big news or a major partnership. If the BTC price gains acceptance below $30,000, AMP could break down below $0.018 support.
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 Jul 19, 2023, 13:46 BST 13:46