The past 24 hours have seen AMP price grow by over three per cent. This is despite the cryptocurrency being in a very bearish trend. The bullish trend also comes amidst a reduced trading volume of the cryptocurrency in the market. In the past 24 hours, the trading volume has decreased by more than 10 per cent, bringing the total value of Amp transacted to $10.5 million.
The reduced trading volume of Amp is likely to see the markets starting to react. If the trend, where fewer and fewer transactions are carried out using the crypto, continues to plummet, there is a high likelihood of the Amp prices also falling in the markets.
Amp prices recently broke the $0.024 support level and have since lost over 10 per cent of their value. However, in today’s trading session, the prices are showing some recovery with a price gain of a percentage point.
However, looking at the full picture of the daily chart shown below, the cryptocurrency is still in a long-term bearish move. This can be observed using the Williams Alligator, which shows strong bearish move signals. The RSI indicator also shows that it is in the oversold region. The region could signal that an asset is still in a very strong bearish move, as shown in the daily chart below.
Therefore, my AMP price prediction expects the prices to continue with the current downward trend. Despite today’s prices being bullish, I still expect the prices to resume the long-term bearish move. There is a high likelihood that the next bearish move will see the prices trading below $0.02.
The strong bearish move with a likelihood of trading below $0.02 can also be observed in the weekly chart, where the prices show a very strong bearish move. The weekly chart also shows that the bearish trend is in its early stages. This can mean the likelihood of a big bearish move in the coming days, which is likely to push Amp prices further down.
This post was last modified on %s = human-readable time difference 15:27