AMP Token has witnessed a remarkable 210% increase since hitting its lowest point in November, following the overall positive trend seen in the alternative cryptocurrency market.
Analyst CJ Bennet believes that this altcoin has the potential to surpass its previous peak of $0.09 in 2021, supported by solid fundamentals and growing momentum. If this scenario unfolds, it could result in a staggering 600% surge.
So, what are the key immediate targets that could confirm the ongoing upward momentum of this altcoin?
AMP Cryptocurrency Price Analysis
One crucial level to breach and consolidate on the price charts is the early 2024 high of $0.024. Achieving this milestone could pave the way for AMP to target $0.05 and eventually the previous cycle’s peak of $0.9.
At the moment, the 50% Fibonacci retracement level at $0.01 poses a short-term obstacle that bullish investors need to overcome to pave the way towards $0.024.
That being said, robust bullish signals from technical indicators indicate a possible continuation of the uptrend. Notably, there has been a significant influx of capital into AMP since October, as evidenced by the rising Chaikin Money Flow (CMF).
Furthermore, the buying pressure has been substantial, reflected in the Relative Strength Index (RSI) entering the overbought territory. However, this overbought condition also signals a potential price reversal.
Majority of AMP Holders Facing Losses
Currently, around 60% (equivalent to 58K addresses) of AMP holders are in a loss-making position and might be waiting to break even or make a profit before considering selling their holdings. If they opt to hold, this could propel AMP to new heights, but their decision to sell at a loss could impede the current uptrend.
In contrast, short-term investors who purchased the token within the last 30 days have seen a significant 45% increase in unrealized gains. Should they decide to cash out, it might disrupt the current positive trend.
Additionally, there has been a surge in whale interest, as indicated by a notable uptick in whale transactions (depicted in blue lines).
Interestingly, this surge coincided with a rise in the token’s supply on exchanges, which exerts sell pressure (illustrated in yellow).
Further escalation in sell pressure on major exchanges could potentially cap AMP’s upward potential, prompting caution to assess the sustainability of this rally.