AMP Price Analysis: AMP token fired short-sellers, but uncertainty still remains in price action

Bear dominance over the AMP token appears to be weakening as price action attempts to bounce back.
Since early April, the bulls have been rejecting to enter the Ichimoku indicator’s red cloud in terms of the daily price chart.
Due to the retracement phase, AMP’s market cap fell by 3.7% last night, dragging it below $400 million.

The AMP token has continued to fall since the day it was listed on Binance, with each rapid rise turning into a bear sell order. Meanwhile, AMP investors lost about 92% over the past seven months.

The AMP token recently noted a 52-week low of $0.00793 mark on 18 June. Near the recent bottom, the bulls wake up and try to cover their losses.

Meanwhile, the week is gaining momentum after 11 weeks of extreme bearishness. Thus, the AMP token is trading at the $0.00927 mark as of press time.

Despite the high-low formation, the price momentum appears lower than in the last two weeks. Recently, the AMP token saw a pull-back near the leading SPAN A of the Ichimoku indicator. In the midst of a roller-coaster ride, the bulls have been rejected since early April to enter the red cloud of the Ichimoku indicator in terms of the daily price chart.

Due to a slight correction phase, AMP’s market cap fell 3.7% last night, dragging it below $400 million. Moreover, retracement is also visible in the BTC pair, therefore, the AMP token along with the Bitcoin pair is trading at 0.000000439 satoshis, down 6.3%.

Last night, trading volume increased above the moving average during the retracement phase. Another red volume bar above the moving averages is likely to propel AMP price towards recent lows.

AMP price is near conceptual round level

In terms of the daily price chart, buyers found support at the lower band of the Bollinger Bands indicator and now AMP price is close to the middle band of the lower indicator.

Stoch RSI is about to move into overbought territory. This signal could be headed for a minor retracement phase.

Conclusion

Despite minor downsides, the price of the AMP token may reach the mid-band of the Bollinger Bands indicator before the start of next week.

Resistance level- $0.010 and $0.015

Support level- $0.0080 and $0.0070

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing