AMP Price Analysis – AMP Surges 90%+ This Week After Coinbase Integration – New ATH Possible?

Key highlights:

  • AMP saw a very strong 20.66% price surge over the past 24 hours as it currently tests $0.07.
  • The cryptocurrency is up by a whopping 90+% over the past week of trading alone.
  • Against Bitcoin, AMP has penetrated its previous ATH price and set a new ATH at 210 SAT this week.

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Amp price $0.068
Key AMP resistance levels $0.076, $0.08, $0.085, $0.09, $0.0933
Key AMP support levels $0.065, $0.0573, $0.05, $0.044, $0.04

*Price at the time of writing

AMP saw a very strong performance this week in which it managed to surge by a whopping 90% to reach the current $0.07 level. The cryptocurrency had found solid support at around $0.03 during the mid-May market capitulation and started to rebound higher from there.

Over the course of this week, AMPL managed to penetrate resistance at $0.05 and reach as high as $0.0786 today. It has since dropped slightly lower to the current $0.07 level.

AMP started to surge upon the announcement that it was being added to the Coinbase exchange today. Coinbase had announced the addition on Twitter and stated that they would be live on and both the iOS and Android apps:

AMP is a very interesting cryptocurrency and in a complete sector of its own. Their website describes them as a digital collateral asset that is used to lower payment fees and prevent payment fraud to lower the costs and risks to merchants.

It is an Ethereum based token that collateralizes payments over the Flexa Network. Customers would pay retailers through Flexa, and then the Flexa network would pay retailers instantly using $AMP as collateral until the payment is fully settled. If there is a reason for the $BTC or $ETH payment to fail, then the retailer would have the option to seize the $AMP collateral and sell it to cover their costs.

The recent weekly 90+% price surge has allowed AMP to reach as high as the 44th ranked position with a total of a $2.52 billion market cap.

Let us continue and take a look at the AMP chart and analyze the price action.

AMP Token Price Analysis

What has been going on?

Taking a look at the daily chart above, we can see that AMP started to surge earlier in April after it finally broke above resistance around the $0.03 level. It continued higher through April and May until an ATH price was set at $0.08 in the first week of May.

From there, AMP started to head lower and eventually collapsed beneath $0.06 during the mid-May market capitulation that was apparent throughout the entire industry. During that sell off, AMP dropped beneath the 100-day MA level at $0.04 and continued lower until support was re-found at $0.03, partly provided by a .618 Fibonacci Retracement level.

AMP managed to sustain this support and started to rebound higher from there toward the end of May.

As June started to trade, AMP pushed higher again and eventually went on to break resistance at $0.05 this week. In doing so, AMP is now back above the 20-day, 50-day, and 100-day MA levels again. It continued to reach as high as $0.076 today but has since dropped near $0.07 as it kickstarts a bull run back to the previous ATH prices.

AMP price short term prediction: Bullish

The break back above $0.05 has turned AMP bullish again. The coin would have to drop beneath $0.05 (20-day MA & .5 Fib Retracement) to turn neutral in the short term, and it would have to continue further beneath the support at $0.0319 (.618 Fib Retracement & 200-day MA) to turn bearish.

If the sellers push lower, the first support is expected at $0.0652 (.236 Fib Retracement). This is followed by support at $0.0573 (.382 Fib Retracement), $0.05 (.5 Fib Retracement), $0.044 (.618 Fib Retracement), and $0.04 (100-day MA).

Where is the resistance toward the upside?

On the other side, the first strong resistance above $0.07 lies at $0.076. This is followed by resistance at $0.08 (ATH price), $0.09, $0.0933, $0.0987 (1.272 FIb Extnesion), and $0.1.

Beyond $0.1, additional resistance lies at $0.108 (1.424 Fib Extension), $0.112, and $0.122 (1.618 Fib Extnesion).

What has been going on?

AMP has created a fresh new ATH price against BTC today at 210 SAT. The cryptocurrency penetrated the previous ATH around 140 SAT earlier this week and continued higher over the course of the week to set the new ATH at 210 SAT, where it found resistance at a 1.618 Fib Extension level.

It has since dropped slightly beneath the 200 SAT level as it now trades at around 190 SAT.

AMP/BTC price short term prediction: Bullish

The break of the ATH means that AMP is strongly bullish against BTC. The coin would now have to drop back beneath 140 SAT to turn neutral again. It would have to break beneath the support around 110 SAT to be in danger of turning bearish.

If the sellers push lower, the first level of support lies at 178 SAT (.236 Fib Retracement). This is followed by 160 SAT (.382 Fib Retracement), 143 SAT (.5 Fib Retracement), 127 SAT (.618 Fib Retracement), and 120 SAT.

Where is the resistance toward the upside?

On the other side, the first resistance lies at 200 SAT. This is followed by 210 SAT (1.618 Fib Extension), 220 SAT, 245 SAT (1.282 Fib Extension), 264 SAT (1.414 Fib Extension), 280 SAT, and 291 SAT (1.618 Fib Extnesion).

Previous Technical Analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent technical analysis articles:

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