AMP up 20% ahead of Bithumb listing but risks losing momentum

$AMP crypto surged by as much as 20% today, ahead of its listing on South Korea’s Bithumb exchange.

$AMP ($AMP) rose to an intraday high of $0.0041 on April 4, Morning Asian time, while bringing its market cap to over $320 million at the time of writing. The price rally came along with a 140% jump in daily trading volume, hovering at over $32 million.

$AMP’s price jump also came with a huge spike in interest from derivatives traders. According to ConGlass, open interest in $AMP futures shot up by 736% in just one day, hitting over $3.3 million. The funding rate stayed at 0.0110%, which shows that most traders are feeling bullish and expecting the price to keep rising.

The key catalyst behind today’s move was Bithumb, a major South Korea-based crypto exchange, which announced the addition of a KRW trading pair for the $AMP token set at 4:00 PM KST on Friday, April 4, 2025. The altcoin will have an initial price of 5.091 KRW (about $0.0035).

Deposits and withdrawals will open within two hours of the notice, but only on the Ethereum network.

Much of the excitement around $AMP is also tied to the rising adoption of the Flexa network, a digital payments platform that enables cryptocurrency payments in retail stores. $AMP is used as collateral within the Flexa ecosystem to secure transactions. It can also be staked to support the network and earn rewards.

$AMP price analysis

Despite today’s gains, technical indicators suggest that the $AMP rally may soon lose momentum.

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$AMP price, 50-day and 200-day SMA chart — April 4 | Source: crypto.news

On the 1-day/USDT price chart, $AMP recently broke out of a months-long downtrend, popping out of a falling channel pattern that had been holding it back. In technical terms, that kind of breakout is usually seen as a bullish sign.

However, the 50-day simple moving average has crossed below the 200-day moving average, forming what’s known as a death cross, a pattern that often signals the potential for a prolonged bearish trend.

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$AMP Supertrend and CMF chart — April 4 | Source: crypto.news

The Supertrend indicator has also flashed red, suggesting a potential downtrend or strong selling pressure in the market. On top of that, the Chaikin Money Flow Index showed a negative reading, indicating that money is flowing out of the asset, which signals weak buying interest or growing bearish sentiment.

Given these signals, $AMP could retrace to its immediate support level at $0.0032. A break below that might push it down further to around $0.0030, a key psychological level and its lowest price since early 2024.

At press time, $AMP was exchanging hands at $0.0038 per coin.