AMP
AMP Price Analysis: AMP has been on a descending triangle pattern, and has broken the baseline of the triangle pattern
- AMP Token Price has been on a descending triangle pattern over the last few months
- The coin recently broke the descending triangle’s baseline and took support at the long-term support zone
- RSI indixates neutrality fro the coin both on the daily as well as hourly charts
AMP Token Price has broken down from a descending triangle pattern on the daily chart. The coin is now in a consolidation between the triangle base and it’s long-term support level. The triangle’s base is at $ 0.046 and the long term support stands at $ 0.040. The coin is showing signs of reversal with the formation of a spinning top going by the latest candle. The Relative Strength Index also is signaling that the coin is underbought, with the RSI and Signal line ready for a crossover, the coin might be inclined towards bullish behavior over the next few trading sessions.
AMP Token Price was trading in a parallel zone on the hourly chart as shown in the chart. The coin broke the resistance trendline of the parallel channel pattern and is now trading at the resistance zone of $ 0.0435. The Relative Strength Index (RSI) pattern is indicating neutrality. The coin can be expected to trade in the range it is trading currently over the next few trading sessions. The volumes fort the coin having been consistently flowing in at a good level.
Conclusion:
AMP Coin has been on a downward trend since November 2021. The coin has been on a downward parallel channel whose resistance trendline it broke recently. The coin is now trading at the resistance zone of $ 0.0435. RSI indicates neutrality for the coin.
Support: $ 0.40
Resistance: $ 0.435 and $ 0.60
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
