AMP Price Up By 12.64% – Time To Buy AMP Coin?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
The crypto market is gradually breaking above the bearish doldrums of the past three months. This has seen several crypto protocols rally to the upside. One such is the digital collateral-focused blockchain platform Amp which has surged 12.51% in the last 24 hours. But before you buy AMP, it’s recommended that you understand what the protocol aims to achieve and its adoption.
AMP: Collateralizing Blockchain-based Value Transfer
The crypto market is filled with protocols that aim to improve on an extant network and become a competitor.
The Amp blockchain works differently. According to the development team, the Amp blockchain seeks to serve as a decentralized digital collateral system. By this, Amp enables developers to provide verifiable assurance for applications they build or asset transfer.
It does this through a system of collateral partitions and collateral managers. Collateral partitions are used to collateralize any account, application, or transaction and show verifiable balances on the Ethereum network. On the other hand, collateral managers are smart contracts that lock, release, and redirect collateral in the partitions to support value transfer.
Although Amp is utilized in different scenarios, its main objective is to forestall fraudulent activities on the blockchain by collateralizing assets before they are sent. This helps reduce risks of loss that are usually attached to the transfer of value. It is the next generation of fraud-proof networks.
Ensuring instant and secure asset collateralization, Amp blockchain is interoperable and expandable, making it ideal for serving the rapidly growing blockchain community. It currently supports over 25 different virtual assets and has integrated with crypto top protocols like Flexa network, Gemini, Sushi, UniSwap, and crypto aggregator website CoinGecko.
ERC-20 token AMP serves as the utility token of the Amp blockchain. AMP token allows holders to participate in network activities. It is also deflationary in nature, with a fixed coin cap of just a little over 92 billion AMP tokens that will ever be in circulation.
AMP: Welcoming Back The Bulls
AMP has had a sensational year so far but has mostly been impacted by high volatility. Despite this, the crypto asset has been able to make a statement, and with its generic use case being one-of-a-kind, many crypto investors are becoming aware of the protocol and want to buy AMP.
Meanwhile, its price action has mostly tailed Bitcoin. Coming into the year at $0.006548, AMP rallied to $0.05978 on April 19, increasing more than 2,000% in the space of four months. However, it was not done and continued rising, making a new record of $0.07516 on May 8.
Despite the crypto market falling into the hands of the bears, AMP made another rally plateauing at an all-time high (ATH) of $0.12081 on June 16, but it could not retain this price action. This saw its value dip more than 50% the following month.
However, AMP is setting the pace for another rally and is currently trading at $0.06655, up 12.64% on the daily chart. This renewed upsurge is due to Bitcoin’s growth in the last few weeks.
AMP Technical And Fundamental Analysis
Looking at AMP’s technical analysis, we can clearly see that the digital token is in an uptrend. It is currently trading above the short-term price of the 20-day moving average (MA) at $0.061145.
Its relative strength index (RSI) is shooting upwards and currently stands at 59.85. This means that more investors are welcoming the idea of adding AMP to their crypto holdings.
Market experts also believe that AMP is still set for a bullish end to the year. According to Wallet Investor, AMP will likely trade at $0.145 by the end of the year. Its five-year forecast puts AMP at $0.482.
Considering its fundamentals, AMP is slowly gaining more adoption by the day.
Currently, the protocol supports 25 digital currencies and has a presence in top crypto protocols like UniSwap, Sushi, Flexa, and several others. With more and more users looking to back or collateralize their assets, AMP will become much more valuable with time.
This might be a great time to buy for a bargain.
