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AMP Price Analysis: A Supply Squeeze May Hit $0.09 in Short-Term



Source: AMP/USDT on TradingView

The daily technical chart and price action of AMP display an uptrend. According to the pivot levels, the primary support level is $0.04. On the other side, if it rushes up, the resistance level to follow is $0.09. Although the chart forms a Doji candlestick pattern within the day, it is predicted that the price may remain sideways with medium reliability.

The Zig-Zag framed a top of $0.12 on Jun 16. After that, investors can notice a massive correction of 68%, all the way low to $0.03. Now price levels are back around the range of $0.06 this week. 

The volume of (56.535) is below the MA of 20-days (83.77M). As a result, the volume is low, causing its price to hover around the resistance zone. Investors may also mark that the volume bars on the chart are declining, which intimates that notable volatility is expected in the upcoming trading session. 

The Schaff Trend Cycle indicator (bullish) with a 93.75 represents a buy signal in the coin, projecting an uptrend. Additionally, Investors can see a green buy signal and an upward slope in the index.

AMP Price Action Maintains a Healthy Consolidation Around Resistance

Today’s price of the AMP is 0.060654 US dollars, and the 24-hour trading volume is 48,301,268 US dollars. The price of AMP has increased by 1.0% in the past 24 hours. The circulation of AMP coins is 48 billion, and the total supply is 99.2 billion. The STC indicator shows a buy signal, and the traders have guided high volume. Technically, the price sustains around resistance and remains in an uptrend. Therefore, as with overall market sentiment, the trend remains bullish.

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