After a rough month that had seen Amp drop by more than fifty per cent at one point, the past few days have seen AMP start to recover. In today’s trading session, AMP is down by a percentage point. However, today’s drop is a continuation of the past four days, when prices have traded sideways.
Looking at the data from the last 24 hours, the drop may be due to the current fall in the trading volume of AMP. This is after it recorded a drop of $7.5 per cent. There is also a likelihood that the prices are also following the global market moves of the cryptocurrency industry, which has dropped by 1.77 per cent in the past 24 hours.
Looking at the year-to-date prices, Amp prices have struggled throughout the year, dropping by 71 per cent. However, the downward trend has been largely due to investors being cautious with the industry, which has resulted in the downturn of the entire cryptocurrency market. There have also been major events, such as the recent fall of Luna and UST, that have further pushed investors to be more cautious about their cryptocurrency investments.
In the past few days, the Amp price has risen from the $0.0094 support level to trade at the current price of $0.013. This is a 47 per cent price gain. However, in today’s trading session, the prices are down by a percentage point after previously trading sideways for three consecutive days.
Looking at the chart below, AMP remains in a very long-term bearish move that has resulted in a 70 per cent price decline in 2022. Therefore, it is likely that today’s price drop is a resumption of the downward move. In the next few trading session, I expect the drop to continue with the prices falling to trade below the $0.011 price level.
However, if the prices move past the $0.014 price level by the end of today’s trading session, my trade will be invalidated. It will also mean a possible bullish move in the future.
This post was last modified on May 18, 2022, 14:31 BST 14:31