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The AMP/USDT market has experienced significant price movements. As a result, the token currently ranks second on the list of top crypto movers. This is due to a price increase of 5.21% at the time of writing. Let’s further examine the emerging indicators below.
AMP Statistics
Current Price: $0.004084
Market Capitalization: $354.44M
Circulating Supply: 84.23B
Total Supply: 99.66B
CoinMarketCap Rank: 126
Key Price Levels
Resistance: $0.004250, $0.004500, $0.004750
Support: $0.004000, $0.003750, $0.003500
AMP Sees a Significant Downward Contraction
Even as the broader crypto market continues to experience volatility, the AMP/USDT market on the daily chart shows a similar trend. Price action in this market had been rising steadily until the previous session when it started gaining strong bullish momentum. Judging by the initial size of the corresponding price candle, the current session has shown even stronger momentum.
However, this candle has a long upper shadow, indicating that price action has contracted downward significantly. Nonetheless, the latest price candle remains above the 20-day Moving Average (MA) line. Additionally, the Stochastic Rate of Change (SROC) indicator lines are still pointed upward below the equilibrium level, suggesting a continued upward retracement.
AMP/USDT May Stay Above the $0.004000 Level
The observed downward retracement in the AMP market has brought price action close to the psychological support level of $0.004000. The most recent price candle on the chart is red, signaling a notable price decline. This candle appears after a downward contraction, indicating that the market remains under bearish pressure.
Despite this, AMP is still trading above all Moving Average lines. Likewise, the SROC lines remain above the equilibrium level, maintaining a bullish outlook. Given the formation of the last price candle, an upward rebound toward the $0.004500 resistance level remains a likely scenario.
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