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Vikram
Jun 4, 2022
by Vikram

AMP Technical Analysis: Falling Channel Warns Against Downfall 

AMP Technical Analysis
AMP price shows a falling channel pattern in the 4-hour chart that may shortly result in the fallout of $0.011 and result in a retracement to $0.010.

Key technical points:

  • The AMP market value decreased by 0.73% today at press time.

  • The price action shows a falling channel in action. 

  • The 24-hour trading volume of AMP is $10.89 Million, indicating a drop of 16.95%. 

    • Past Performance of AMP

    The sharp V-shaped reversal in the AMP price started from the $0.010 support level and retested the overhead resistance at $0.015. However, the high selling pressure near the 50-period EMA resulted in a bullish failure leading to a falling channel pattern. Furthermore, the 50-period EMA provides constant dynamic resistance, and the bearish pattern accounts for a downfall of 22% in the last three weeks.

    TradingView Chart

    Source- Tradingview

    AMP Technical Analysis 

    The recent bear cycle in the falling channel takes support at the $0.011 support level and hints at a bullish reversal. However, the formidable sellers moving along the 50-period EMA oppose the bullish growth and warn against the support trendline fallout. 

    The RSI slope in the 4-hour chart shows a bullish reversal after the divergence breakout surpasses the 14-day SMA and projects growth in underlying bullishness. Furthermore, the MACD and signal lines show a bullish reversal leading to a crossover event to reach above the zero line. Moreover, the falling trend in bearish MACD histograms adds points to the bullish crossover possibility. In a nutshell, AMP technical analysis indicates a high possibility of the 50-day EMA if the trend sustains above $0.011.

    Upcoming Trend

    If the sellers manage to push down the AMP prices under $0.011, a downfall to the next support level at $0.010 seems inevitable. However, a bullish reversal can lead to the 50-day EMA breakout resulting in a rally to $0.015.

    Resistance Levels: $0.012 and $0.015

    Support Levels: $0.011 and $0.010

     

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    AMP Technical Analysis: Falling Channel Warns Against Downfall 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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