AMP Technical Analysis: Price May Breakout of the First Fibonacci Pivot Resistance Level of $0.113

Amp is a blockchain network that provides cryptocurrencies with instant and validated assurance for solving real-world problems. It is a robust platform for collateralizing asset transfers. The network is powered by smart contracts that have built-in features like micro-distributions, continuous compounding, incentives, etc. AMP is the native token of this ecosystem. The AMP technical analysis is as follows:

Past Performance

On Jun 10, 2021, AMP opened at $0.06. On Jun 16, 2021, AMP closed at $0.11. Thus, in the past week, the AMP price has increased by roughly 83%. In the last 24 hours, AMP has traded between $0.108-$0.115.

Day-Ahead and Tomorrow

Currently, AMP is trading at $0.111. The price has increased slightly from the day’s opening price of $0.11. Thus, the market seems bullish.

The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may change signs soon. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 53%. It faced rejection at 46% and rose to the current level. Hence, buying pressures are slowly increasing. High buying activity will push the price upwards.

Besides, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. The OBV indicator is giving further credence to the bullish signals given by the other two indicators.

AMP Technical Analysis

Currently, the price is above the Fibonacci pivot point of $0.11. It may soon break out of the first Fibonacci pivot resistance level of $0.113. If the bulls gain full strength, then the price may surpass the subsequent resistance levels of $0.115 and $0.117, by day end.

The price has tested and broken out of the 61.8% FIB retracement level of $0.112. The price may soon test and breach the 76.4% FIB retracement level of $0.113 as well. Thus, as of now, the bulls seem to be gaining strength. In that case, we may expect the price upswing to continue today and tomorrow.



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