Within the past 24 hours, the cryptocurrency known as Amp (AMP) has experienced a substantial price surge of over 30%, coupled with a remarkable 5X increase in daily trading volume as reported by CoinMarketCap.
Breaking through a critical resistance level at $0.009176, the price surge indicates strong buying interest and a potential shift towards a bullish market sentiment.
This notable development coincided with a clear LuxAlgo Market Structure Breaks signal turning bullish, signifying a transition from a bearish to a bullish market structure for AMP on the daily timeframe.
This significant milestone suggests a potential sustained upward trend for AMP if the price manages to hold above the $0.009176 level.
The MACD indicator further supports this positive outlook as the MACD line convincingly crossed above the signal line, with the histogram reflecting an increasing bullish momentum, evident by the bars extending above the zero line.
Furthermore, the recent surge in price has brought AMP’s valuation closer to the $1 billion market cap mark, positioning it as the next significant target if it can maintain its price above $0.009176.
Given the current momentum and market sentiment, the next logical targets could be higher price levels, potentially retesting previous highs or even setting new records.
Rise in Active Addresses Signals Growing Interest
An analysis of AMP’s active addresses alongside its price surge indicates a substantial increase in user engagement, with active addresses reaching levels not seen since early May.
This surge in active addresses aligning with the price rise suggests heightened market interest and potential speculative activity surrounding AMP.
The simultaneous increase in active addresses and price points towards robust engagement from traders and investors, potentially driven by new developments or increased utility within the AMP network.
This trend indicates a positive outlook for AMP’s ecosystem, showcasing a growing user adoption rate and interest in the cryptocurrency.
Profitability of Active AMP Holders
A detailed examination of active addresses reveals that 71.76% or 366 addresses were “Out of the Money,” indicating losses, highlighting AMP’s volatility and the resilience of its holders despite extended drawdown periods.
Focusing on the profitability of AMP holders concerning their cost basis, only 23.73% of addresses were “In the Money,” implying profits on their holdings, corresponding to 121 addresses.
Furthermore, a small percentage totaling 4.51% (23 addresses) were “At the Money,” indicating that their purchase price aligned closely with the current AMP price of $0.007139.
This breakdown suggests that despite the recent surge in active addresses since early May, a majority of holders are experiencing losses, potentially influencing sentiment and future trading patterns.