AMP coin price resonates within the triangle pattern in the daily chart. However, the breakout is imminent and will lead to a massive move.
Amp claims to provide a simple but flexible interface for verifiable collateralization via a system that includes collateral partitions and managers.
Amp supports many use cases in collateralization and introduces the concept of predefined partition strategies that can allow exceptional capabilities like collateral models through which tokens may be staked without leaving their original address.
Let us now look at the detailed analysis of AMP cryptocurrency.
Past Performance of AMP
AMP coin price action maintains the downtrend in the daily chart. Last week, the coin price made an evening star pattern near the long-coming resistance trend line. Thus, resulting in a fall of 4.38 percent.
The solid resistance trend line structures a descending triangle in the daily chart with the crucial support zone near the $0.0420 mark.
AMP Technical Analysis
AMP cryptocurrency is currently at $0.04752 as of writing. Additionally, the cryptocurrency has decreased by 2.97% in the last 24 hours. Thus, indicating a rise in bearish powers. However, the fall in trading volume by 30% questions the rise in selling pressure.
As per the pivot points, the following prominent resistance levels are at $0.060 and $0.0750. And, on the flip side, the support levels are at $0.0420 and $0.038.
MACD and signal lines on the daily chart are beneath the zero line. Moreover, the fast line stays above the slow line while generating a divergence with the fall. Hence, MACD indicates a buying signal.
The RSI indicator shows no divergence, while it moves slightly below the central line in the daily chart. However, the short-term fall to the support zone can drive RSI to the oversold region.
As per the AMP technical analysis, the short-term outlook is double-edged for the coin price. Meanwhile, the long-term downtrend weakens near the $0.0420 support zone. Hence, we can shortly see a bullish breakout of the long-coming resistance trend line.
#Downtrend #Bottles #Triangle #Pattern