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While the AMP/USDT market experienced a price increase of over 6% today, it has subsequently faced a moderate downward correction, bringing the market back below the bearish region. However, technically, the market hasn’t taken on a significant bearish tone yet, and more fluctuations may still occur.
Key AMP Statistics:
Current Basic AMP Value: $0.003916
AMP Market Cap: $173,388,952
AMP Circulating Supply: 42,227,702,186
Total Supply of AMP: 99,213,408,535
AMP CoinMarketCap Ranking: 250
Key Price Levels:
Resistance: $0.004000, $0.004100, and $0.004200
Support: $0.003916, $0.003900, and $0.003800
AMP Bulls Get Pushed Back Below the $0.004000 Price Mark
AMP/USDT price action has risen by nearly 7% today alone. However, as the price action entered the region above the 23.60 Fibonacci Retracement level, market bulls seemed to have hesitated. This resulted in a moderate downward correction, bringing the market back below the $0.004000 threshold. Nevertheless, trading activities are still occurring above the 21-day Moving Average line.
Likewise, the Moving Average Convergence Divergence (MACD) indicator lines are still above the equilibrium level, with bars appearing shorter and now pale red. Additionally, the leading line of the MACD is now curved downwards towards the lagging one in what appears to be an attempt to deliver a bearish crossover.
AMP/USDT Downward Momentum Seems to Be Weakening
Moving to the AMP 4-hour market timeframe, we observe prices declining for the second straight session. However, instead of technical indicators signaling that bears may be strengthening their hold on the market, it appears that the downward momentum may be weakening. This is evident as the lines of the MACD indicator have moved very close to each other in what seems to be an attempt to deliver a bullish crossover.
Although not yet delivered, these lines are now merged side by side but seem to be trending sideways in the meantime. Also, the last bar of the indicator is now pale red in appearance and significantly shorter than the previous ones. This suggests that upside forces may resume action shortly and push prices towards the $0.004200 mark.
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