Since the June 30th Amp price spike, which maxed out at $0.015 before dropping by 33 per cent, the crypto has remained relatively bearish, with most trading sessions closing with AMP losing value. Today, despite starting strongly, where prices rose by 4 per cent, the intraday trading is looking aggressively bearish, and the crypto is currently up by only a percentage point. There is also a high likelihood that we will see the prices continue to fall and be in a bear market for the day by the time the session closes.
There are many factors that have led to the current strong and aggressive bearish move. For starters, throughout the year, AMP has not had a single month where it was bullish. This has resulted in an 81 per cent drop year-to-date. Therefore, the current aggressive bearish trend is a continuation of the year-long long-term trend.
Another reason AMP’s price continues to drop is the current bear market in the cryptocurrency industry. The months-long bear trend in the industry has impacted altcoins such as AMP, which are mostly positively correlated to major coins such as Bitcoin. Today, the industry is yet to recover, and this has meant that AMP and other altcoins have become impacted by the bearish trend, resulting in the current price drops.
Despite today’s price gain of one per cent, my AMP price prediction expects prices to continue dropping throughout the session and in the next few trading sessions. My analysis is based on the price action of the past few hours of intraday trading, where prices have fallen by almost 3 per cent.
I expect the prices to drop and hit the $0.0077 support level. This is also based on the recent price action, which has shown that AMP can move aggressively downwards after a small retracement. However, my analysis will be invalidated if the prices move above the $0.01 psychological level. At that level, it will already be evident that the prices are in a bullish trend.
This post was last modified on Jul 13, 2022, 14:30 BST 14:30