Today’s trading session is poised to extend the strong and aggressive bearish Amp price move that has been in the market for the past two trading sessions, with prices dropping by 6 per cent at press time. The current push to the downside also looks likely to continue throughout the session.
The current drop in Amp price has been in tandem with the current general cryptocurrency trend. For the past week, the cryptocurrency industry has been experiencing a strong push to the downside, which meant altcoins such as Amp, which are positively correlated to it, are also dragged downwards.
Today’s drop is also mainly due to the current aggressive drop in the cryptocurrency industry. Today, the market capitalization of all cryptocurrencies is already down by 8 per cent. In addition, major cryptocurrencies such as Bitcoin and Ethereum have also dropped by more than 8 per cent. Usually, when there are such a high negative push by these major cryptocurrencies, the entire cryptocurrency industry struggles.
On Wednesday, Amp price closed the markets with a 4 per cent drop in the markets. This was followed by yesterday’s strong and aggressive push to the downside, which saw the markets close with a loss of 3.4 per cent. It was clear that we may be entering a bearish trend by late yesterday. During yesterday’s trading session, we also saw prices break the $0.0077 support level.
Today at press time, the bearish trend looks poised to continue with Amp price down 6 per cent. With the trend also looking likely to continue throughout the session, it is highly likely that in the next few trading sessions, we will see prices continuing to drop.
As a result, there is a high likelihood that the prices will trade below the $0.00650 price level in the coming trading sessions. However, my bearish analysis will be invalidated should the prices recover today’s loss and close above $0.00763 (today’s opening price).
This post was last modified on Aug 19, 2022, 15:18 BST 15:18