As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless bull runs and bear markets, but the recent surge of AMP is undeniably impressive. Having closely followed the crypto space since its inception, I’ve learned to recognize the signs of an altcoin season, and we are certainly in one now.
The AMP token experienced a robust rally, reaching $0.0144, its highest level since March 11.
Ampere (AMP) has significantly increased by approximately 300% since its lowest point this year, resulting in a market capitalization that exceeds $910 million.
The increase aligns with a wider trend towards established cryptocurrencies that excelled in 2021, as seen by significant spikes in currencies such as Stellar Lumens (XLM) and Ripple (XRP), which outperformed.
The usefulness of AMP in the payments sector, primarily due to its quick transaction times and reduced costs, has contributed to its price increase. More recently, AMP technology has been incorporated into Flexa, a rapidly expanding e-commerce payment network.
The cost of AMP increased along with positive predictions from cryptocurrency experts regarding its potential growth. Notably, well-known crypto analyst CJ Bennet stated in a release that the coin could achieve even higher increases, possibly setting a new peak value.
Persevere, dear companions. Have faith in our triumphant technology, and you shall thrive effortlessly. Not only have we penetrated the upcoming region that mirrored the growth from the prior flag, but it has already surpassed it and is now ascending toward a significant landmark…
— CJ Bennett (@the_real_CJ) December 4, 2024
Amp’s record high was at $0.037, which is a significant increase of 235% from where it is now before reaching that peak again.
The coin is likewise experiencing growth as investors rejoice in the emergence of “altcoin spring”. Information from CoinMarketCap indicates that the Altcoin Season Index surpassed 80, and the Fear & Greed Index climbed to 88. Generally, altcoins tend to thrive during periods when market sentiment is high.
Currently, it appears that large investors (AMP whales) are purchasing more of the coin. According to Etherscan, one such investor transferred tokens valued at over $2 million from Coinbase, which could be an indication of optimism in the market.
AMP price analysis
Today’s graph indicates that the AMP token price made a significant upward surge, peaking at $0.01450. This price point exceeded the important resistance level it touched on April 29, which was $0.0091.
The gold-colored ‘X’ shape you see is a result of the 200-day and 50-day moving lines intersecting on the graph, indicating a potential positive trend for the coin.
The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest AMP’s price is likely to keep rising. For this bullish trend to be confirmed, AMP must close at a price higher than its current week’s high of $0.01450. If it doesn’t and instead drops below this level, it might form a ‘shooting star’ pattern, which is often a warning sign for a bearish move. In such a case, the price could fall and potentially touch the support at $0.0091 again.
Read More
- AI16Z PREDICTION. AI16Z cryptocurrency
- Crypto ETPs hit $44.5b in YTD inflows amid Bitcoin surge
- POL PREDICTION. POL cryptocurrency
- Hong Kong Treasury says crypto is not a ‘target asset’ for its Exchange Fund
- Li Haslett Chen to Leave Warner Bros. Discovery Board
- ‘Kraven the Hunter & ‘Madame Web’ Box Office Disaster Blamed on Media Scrutiny
- EXCLUSIVE: Alia Bhatt in talks with Dinesh Vijan for a supernatural horror thriller; Tentatively titled Chamunda
- Shiba Inu, Bonk, Pepe prices rebound: Beware of dead cat bounce
- Crypto x AI makes up just 1% of crypto market cap, says analyst
- Blockaid new dashboard to track Web3 activity and threats
2024-12-04 16:48