Amp Price Up By 35.69% – Time to Buy AMP Coin?
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The broader crypto market is seeing a price flutter, but the AMP blockchain has continued to post major gains. This price rally has led to several rushing to buy AMP.
We have to evaluate the technical and fundamental performance of the collateral token to see if it is a good investment.
AMP: Breaking Through The Bearish Roof
The crypto market is seeing a price depression as top crypto assets like Bitcoin and Ethereum are going through a consolidation phase. This development has seen several crypto protocols follow suit, with the nascent industry only recording $2.56 trillion in total value locked (TVL), down 2.50% in the past day.
Blockchain platform focused on collateralising and securing payments on the Flexa network AMP has been on a tear lately and has traded against the tide for most of the day.
Despite not hitting a $1 price peg, AMP is up 35.69% in the last 24 hours and has a price action of $0.0674. Weekly gains of 29.16% denote the ERC-20 token’s meteoric rise in the past several days.
Given today’s rally, AMP’s market cap is hitting a new record and is up 30.11% with a market valuation of roughly $2.85 billion. 24-hour trading volume is at a one-day major rally as AMP trading is up 1,442.95%, reflecting $441.671 million changing hands.
However, AMP’s market dominance is still modest and is pegged at 0.11% as it occupies the 61 spot on the global crypto ranks. Like several crypto assets, this year has been a watershed moment for the AMP blockchain. The collateralization platform surged to an all-time high (ATH) of $0.120813 during the crypto winter on June 16.
This shows that there is a lot of growth leeway in front of the protocol making now an ideal time to buy AMP and rise with the market.
AMP Technical And Fundamental Analysis
AMP has seen an admixture of bullish and bearish control and has shown strong resilience in improving its appeal to investors. This is apparent in the technical performance of the digital asset.
On the trading chart, AMP is soaring above the 20-day moving average (MA) support price of $0.0573, painting a clear bullish signal for interested investors. The long term 200-day MA indicator is even more bullish as AMP is trading above the indicator price of $0.055098 at the moment of writing. This shows strong technical performance and further gives investors reasons to buy AMP.
As per the 14-day relative strength index (RSI), AMP is trading in the underbought region with an indicator figure of 63.05. However, this is expected to soar into the overbought region in the coming days given the growing market confidence surrounding the project.
The moving average convergence and divergence (MACD) is also flipping bullish even though the sell and buy signals are trading on par.
Amp’s strong technical performance is working hand-in-hand with the digital token’s fundamental performance. Given its growing popularity, a slew of popular centralized crypto exchanges is adding support for AMP trading. The first is Voyager which launched AMP trading on November 17. Also, the world’s largest Bitcoin exchange Binance has recently announced AMP trading in the early hours of today.
In addition, the AMP blockchain has launched a new liquidity project nicknamed Unipilot. Currently on tap on popular decentralized exchange (DEX) platform UniSwap, Unipilot allows users to borrow against their liquidity position while using the fees generated from their positions to pay back loans. This is expected to enable users to maximize their fees while trading.
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