Today’s trading session is seeing AMP price drop for a sixth consecutive day to trade at $0.020. The bearish move is a continuation of a long-term trend that has seen the prices drop by 56 per cent year-to-date and over 30 per cent in April alone.
An analysis of the last 24 hours also offers a strong bearish insight where prices are down by 3.31 per cent. This is because the trading volume has also reduced by 24 per cent in the last 24 hours. This brings the total value of transactions carried out using AMP to $16.9 million. Although the figure is significant, such a loss in trading volume can result in price drops in the markets.
AMP is currently trading at $0.020 in today’s trading session after dropping by over 1.5 per cent. The drop is a continuation of a bearish trend that started on April 4, 2022, which has seen the prices drop by more than 30 per cent during that time. The session will also mark the sixth consecutive day that the prices are dropping in the markets.
Looking at the daily chart below, we can see the prices recently broke out of the $0.024 support level to the downside. Since then, the prices have been setting new price lows. The chart also shows that the Williams Alligator readings indicate a high aggressive bearish move is in progress.
I expect the prices to continue setting new lows for the AMP using the chart below. There is also a high likelihood of the prices falling below the $0.015 price level, based on past price action that has seen the crypto lose more than 30 per cent in April alone.
Although the volatility has reduced in the past few days, there is a high likelihood that the prices will resume an aggressive downward move. This will push the cryptocurrency further down, and my analysis does not rule out AMP trading at $0.10 in the next few weeks.
This post was last modified on Apr 27, 2022, 15:23 BST 15:23