Amp Price Prediction: Bullish Momentum Points to Brief Pullback
• Amp price has been increasing steadily, reaching its highest point since September 11 last year.
• On-chain metrics show that the number of people using and holding Amp is relatively low.
• New York prosecutors have recently sued CoinEx for offering securities in its platform, including tokens like Amp, Luna, and RLY.
Amp Price Prediction: Technical Analysis Suggests a Brief Pullback
Price Increase
Amp token’s price has seen a steady increase in recent days, reaching its highest point since September 11th last year. The coin has risen by more than 121% from its lowest level last year. Despite this bullish momentum, on-chain metrics suggest that the number of people using and holding Amp is relatively low.
CoinEx Lawsuit
Recently, New York prosecutors sued CoinEx for offering securities in its platform – namely tokens such as Amp, Luna, and RLY. This could be an important factor driving the price of Amp up even further.
Daily Chart Analysis
The daily chart shows that Amp crypto price has made a strong recovery recently. It has managed to move above the key resistance level at $0.0059 and jump over the psychological level at $0.0050 while oscillators like the Relative Strength Index (RSI) and the MACD keep rising – all indications of further upside potential for Amp token. However, if it drops below the support at $0.0060 then this would invalidate any bullish views on it’s future performance..
Four-Hour Chart Analysis
On the four-hour chart we see that amp’s price has been in an overall bullish trend as well with several levels crossed including resistance points at $0.0053 and $0.0059 – both highs reached on Feb 8th and Jan 7th respectively .
Conclusion
Overall it appears that despite on-chain metrics not being particularly encouraging towards amp token’s success , news surrounding its being offered as a security through CoinEx seems to be driving prices up . Technical analysis also supports a possible brief pullback which can be used as an opportunity to buy into amp tokens before they rise again .
