- AMP crypto was 200% in the past month as an analyst projected more upside.
- Sell pressure increased, suggesting investors booked profits.
As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market ebbs and flows. The recent surge in AMP crypto has caught my attention, particularly given its impressive 210% increase from November lows. While I’m always cautiously optimistic about any investment opportunity, I must admit that the potential for AMP to reach beyond its 2021 all-time high of $0.09 and possibly touch $0.05 is quite intriguing.
The price of AMP (AMP) has skyrocketed by an impressive 210%, following a similar upward trend observed across the altcoin market since its dip in November.
As a crypto investor, I’ve been closely watching the predictions by analyst CJ Bennet who suggests that the altcoin could reach new heights beyond its previous all-time high of $0.09 in 2021. If this happens, it would mean a substantial return of more than 600%. This potential surge is based on the coin’s robust fundamentals and current momentum.
So, what key short-term targets could confirm the altcoin’s continued rally?
AMP crypto price levels
To regain and fortify our position on the price graphs, we should aim to surpass the initial peak in 2024 at around $0.024. If we manage a strong push, this could guide AMP towards reaching $0.05, and potentially even $0.9 – which was its highest point in the previous cycle.
Currently, the short-term hurdle for bulls to advance towards $0.024 is the 50% Fibonacci level at $0.01.
It’s worth noting that the positive signs from technical markers imply the upward trend might persist. Intriguingly, there’s been a substantial increase in investment into this altcoin since October, which is evident from the ascending Chaikin Money Flow line.
In addition, the demand for purchasing was impressive, as shown by the Relative Strength Index (RSI) moving into the overbought zone. Yet, this overbought state served as a cautionary signal suggesting a possible change in direction for prices.
60% AMP holders at loss
Approximately 6 out of 10 AMP users (around 58,000 addresses) are currently in a situation where they might choose to hang on to their AMP until they recover their initial investment or even make a profit. If these users decide to keep their AMP, the value could potentially rise further. However, the upward trend could face an obstacle if these users decide to sell at a loss.
Conversely, those who recently purchased the token within the last month have realized approximately 45% potential profit. If they decide to cash out, they might interrupt the current upward trend.
Currently, I’ve noticed a surge in whale activity, evident through an uptick in whale-sized transactions (depicted in blue).
Read AMP [AMP] Price Prediction 2024-2025
Interestingly, this also coincided with an uptick in supply on exchanges (sell pressure, yellow).
Monitoring additional selling activity on major trading platforms might indicate a possible cap on AMP’s price growth, suggesting that the current upward trend may not be long-lasting.
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2024-12-06 03:03