AMP surged 60% amid increased whale interest

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As a seasoned crypto investor with a knack for spotting promising altcoins, I’ve been keeping a close eye on AMP‘s recent surge. Having weathered multiple market cycles, I’ve learned to read between the lines and understand the underlying factors driving such dramatic price movements.

In the past 24 hours, Ampera’s AMP token surged by 62%, and this upward trend persisted due to signs that large investors, or “whales,” are starting to amass the cryptocurrency. This surge appears to be fueled by growing recognition of its expanding usefulness.

On Wednesday morning, AMP (AMP) reached an all-time high of $0.0133, representing a massive increase of more than 330% compared to its lowest price this year. This impressive rise in value propelled its market capitalization over the $1 billion mark for the first time in approximately 29 months, before eventually settling at $978 million as of writing.

The increase in the altcoin’s value occurred simultaneously with a significant jump of 750% in its daily trading volume, peaking at approximately $601 million. Additionally, there was an uptick in searches for AMP on Google due to increased public curiosity and investment.

Why is AMP price rising?

There are three potential catalysts driving AMP’s recent rally.

As an analyst, I observed a notable increase in the value of AMP that aligns with a broader upsurge within the altcoin market. Notably, Binance Coin (BNB) and Tron (TRX) witnessed substantial daily gains of 17.6% and 68.8%, respectively, contrasting Bitcoin‘s more modest rise of 1.4% during the same timeframe.

2nd, it was recently disclosed that Flexa, a digital payment system utilizing AMP as security, has integrated with the privacy-focused Zcash wallet application called ‘Zashi.’ This integration empowers users to buy goods at U.S. retailers accepting Flexa payments without exposing their wallet or currency information.

With an increase in transactions using the platform, there’s a growing need for AMP as collateral. Consequently, this decrease in the token’s circulating supply can lead to increased demand and potentially drive up the price of AMP. This price rise could in turn stimulate growth for the alternative coin.

Thirdly, the momentum behind AMP has been strengthened significantly due to an increase in whale participation over the last day. According to IntoTheBlock’s data, the movement of whale holders’ assets (netflow) increased more than 150%, changing from a $186K outflow on the 2nd of December to a $473K inflow on the 3rd, suggesting a growing investment interest among large-scale investors.

Currently on the long-term graph, Advanced Micro Devices (AMP) is moving above both its 50-day and 200-day Moving Averages, suggesting that the buyers continue to dominate the market. Additionally, the 50-day Moving Average has gone over the 200-day Moving Average, creating a golden cross, which is generally considered a strong bullish signal in technical analysis.

Additionally, the Moving Average Convergence Divergence (MACD) line, represented in blue, and its signal line, depicted in orange, are both trending upward above the zero line. This suggests that the ongoing rally continues to exhibit strong momentum.

Based on these indicators, it’s possible that AMP might persist in its upward trend, a viewpoint shared by analyst Javon Marks who anticipates AMP could reach $0.07048 – a potential rise of more than 470% from its current value.

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2024-12-04 13:18