Key technical points:
AMP coin price showcased a bullish reversal from the support trendline of the falling channel pattern resulting in a 13% growth in three days. However, the buyers fail to sustain the uptrend and reach the 50-day EMA due to the sudden increase in selling pressure. The downfall comes as a post-retest reversal of the $0.024 mark and undermines the bullish candle formed yesterday.
Source-Tradingview
AMP coin price action projects a downtrend continuation as the sellers overtake the trend control and warn the support trendline fallout. However, the downtrend will need to surpass the $0.020 low to crack the falling channel.
The falling trend in the EMAs persists in the bearish alignment with the 50-day EMA providing dynamic resistance to the bullish reversal.
RSI Indicator: The RSI slope skyrocketed to the central line, indicating the aggressive buying in the market. However, the indicator reflects a sharp reversal and fails to surpass the 50% line.
MACD Indicator: The MACD and signal lines bullish crossover offers a buy signal for the interested traders. Moreover, these lines may soon cross above the neutral line, providing additional confirmation.
In a nutshell, the AMP technical analysis shows a potential fall to the $0.020 mark.
AMP coin price experiences an impulsive ripple of selling pressure undermining the bull cycle and reversing the price to the support trendline. Hence, sellers can find entry opportunities at market prices with a target of $0.020.
Resistance Levels: $0.025 and $0.028
Support Levels: $0.020 and $0.018