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AMP Price Analysis - AMP Sees Another 90% Weekly Pirce Hike As Amazon Rumors Drive Market Upward


coincodex.com 29 July 2021 15:19, UTC
Reading time: ~6 m

Key highlights:

  • AMP is up an enormous 91% over the past week of trading as it hits $0.08.
  • The cryptocurrency started to surge on rumors of a partnership with Amazon.
  • Against Bitcoin, AMP rebounded from a rising trend line to retest 200 SAT.

Buy AMP on Binance

AMP price $0.077
Key AMP resistance levels $0.08, $0.0821, $0.09, $0.0925, $0.1
Key AMP support levels $0.07, $0.0685, $0.06, $0.0525, $0.05

*Price at the time of writing

AMP is up by a gigantic 91% this week as the coin surges to $0.08. The cryptocurrency dropped from the $0.126 peak seen in June to hit the 100-day MA at the start of July around $0.052. After that, it continued lower toward the middle of July until support was found at the 200-day MA. 

AMP rebounded over the past ten days from the 200-day MA and started the enormous surge toward the May highs today at $0.079.

AMP is a very interesting cryptocurrency and in a complete sector of its own. Their website describes them as a digital collateral asset that is used to lower payment fees and prevent payment fraud to lower the costs and risks to merchants. 

AMP is an Ethereum based token that collateralizes payments over the Flexa Network. Customers would pay retailers through Flexa, and then the Flexa network would pay retailers instantly using $AMP as collateral until the payment is fully settled. If there is a reason for the $BTC or $ETH payment to fail, then the retailer would have the option to seize the $AMP collateral and sell it to cover their costs.

It is a system designed to help prevent payment fraud and lower the cost and risk to different merchants using the system.

As a result, rumors are circulating that Amazon might partner with AMP when they integrate crypto payments into their service. The rumor stems from BitBoy Crypto, who stated in a video that the new CEO is crypto-friendly and that Amazon would be working with two separate coins (AMP being one of them).

To add further flame to the fire, AMP is also already being used by Whole Foods, a company owned by Amazon;

$AMP is already being used by Whole Foods which is owned by Amazon. #ampazon connect the dots people.

— HappilyEverHustle (@HustleEver) July 25, 2021

In other news, it seems that top-tier exchanges continue to add AMP to their token lists. It was added to Coinbase during early June and is now being added to Binance US;

https://t.co/AZwoBOy3iq will list @amptoken $AMP

— Binance.US ?? (@BinanceUS) July 28, 2021

The recent weekly 90+% price surge has allowed AMP to reach the 33rd ranked project with a total market cap value of $2.9 billion.

Let us continue and take a look at the AMP chart and analyze the price action.

AMP Token Price Analysis

What has been going on?

Taking a look at the daily chart above for AMP, we can see that the market surged during June while the rest of the industry consolidated. The June surge saw AMP rising from as low as $0.03 to reach the ATH price at $0.126. From there, it quickly dropped lower in the second half of June to reach the support at around $0.052.

The support there held in the first few days of July. However, AMP eventually crashed beneath it as it dropped below the 100-day MA to reach as low as the 200-day MA at around $0.04. There, it rebounded at a rising support trend line and started this week’s skyrocket.

AMP quickly reclaimed all of the moving averages and continued beyond $0.07. Today, AMP hit the resistance at $0.0821, provided by a bearish .5 Fib Retracement.

AMP price short term prediction: Bullish

After a 90% increase, AMP is bullish in the short term again. A drop beneath $0.07 would turn it neutral, and it would have to continue to fall further beneath the support at $0.04 to be in danger of turning bearish in the short term.

If the sellers push lower, the first support lies at $0.07. This is closely followed by support at $0.0685, $0.06, $0.052, and $0.05. 

Beneath $0.05, added support lies at $0.0481 (.786 Fib), $0.042 (200-day EMA), and $0.04 (.886 Fib & rising trend line support).

Where is the resistance toward the upside?

On the other side, the first resistance lies at $0.082 (bearish .5 Fib Retracement). This is followed by $).0925 (Beairsh .618 Fib Retracement), $0.1, and $0.107 (beairsh .786 Fib Retracement).

Beyond $0.1, added resistance lies at $0.12, $0.126 (ATH price), and $0.1336 (1.618 Fib Extension).

What has been going on?

AMP found support at 127 SAT against BTC and rebounded higher from there. The support was further bolstered by a rising trend line and the 100-day MA. 

This week’s price surge allowed AMP to climb back above the 20-day and 50-day EMA levels at 160 SAT and spike as high as 240 SAT (bearish .618 Fib Retracement). It is currently testing resistance around 200 SAT, which a bearish .382 Fib Retracement provides.

AMP/BTC price short term prediction: Bullish

The break of the ATH means that AMP is strongly bullish against BTC. The coin would now have to drop back beneath 140 SAT to turn neutral again. It would have to break beneath the support around 110 SAT (200-day EMA) to be in danger of turning bearish.

If the sellers push lower, the first support lies at 180 SAT. This is followed by 160 SAT (50-day MA), 140 SAT (100-day MA), the rising trend line, and 127 SAT (.786 Fib Retracement).

Where is the resistance toward the upside?

On the other side, if the bulls break 200 SAT, the first resistance lies at 220 SAT (bearish .5 Fib Retracement). This is followed by 240 SAT (bearish .618 Fib Retracement), 260 SAT, 272 SAT (bearish .786 Fib Retracement), and 300 SAT.

Previous Technical Analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical analysis articles:

  • Bitcoin Price Analysis - BTC Surges Inside Ascending Price Channel as 100-Day EMA Resistance Stalls Market (Neutral)
  • XRP Price Analysis: XRP Sees 14% Price Surge After Announcement of Remittance Corridor Between Japan and the Philippines (Neutral)
  • Ethereum Price Analysis - ETH Hits Major 100-day MA Resistance, Can It Break Above? (Neutral)

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