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AMP Token Price Prediction: Will AMP go up?
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The price of AMP has followed a rough course since July last year with further lows expected to come
In this article:
Key Insights:
- AMP has stagnated within the $0.008-$0.009 price range since last month.
- The daily simple and exponential moving averages are giving sell signals.
- The token currently ranks 93rd in the list of cryptocurrencies worldwide by market capitalisation at $351 million.
AMP, the collateralised token designed to speed up transactions in cryptocurrency networks, has been on a downtrend for numerous months and dropped to a low of $0.008171 on July 26.
Since yesterday, AMP has sunk even further, falling to $0.008145 today. The token has remained below the 25 and 50-day exponential moving averages (EMA) and is down nearly 94% from its all-time high (ATH) price of $0.1211 set on June 16, 2021.
AMP is the digital asset token used to collateralise payments on the Flexa network. If transactions take too long to process, AMP tokens, which can be bought and sold for digital or fiat currencies, are liquidated to cover the costs.
Price Action
AMP started its journey at $0.01184 on September 12, 2020. By the end of September, it had dropped to the $0.006 level, falling further to $0.003537 by October 29, 2020.
The token did not start gaining traction until early 2021 when it rallied to $0.367 on February 15. AMP climbed further to $0.6257 on April 18 – a 70% spike in two months. This could be attributed to the coin being listed on Cream Finance (CREAM) as a collateral asset on February 10, 2021.
Another rally to the $0.07 price level came in May which set the groundwork for AMP to achieve its all-time high price of $0.1211 on June 16, 2021.
A strong correction followed and the token dropped back down to $0.05 by June 25 and to $0.04 by mid-July. The AMP crypto did rise briefly back to the $0.07 mark on July 28 but ended up closing the year at $0.04.
AMP has been struggling throughout this year to regain its 2021 highs and by February 23 it was trading at $0.2597. More lows came in April when the token slid to the $0.01 level and since June, AMP has stagnated within the $0.008-$0.009 range.
AMP is currently trading at $0.008324 and ranks 93rd in the list of cryptocurrencies worldwide by market capitalisation at $351 million. Its price is down 0.66% in the last 24 hours.
Technical Indicators
Technical analysis shows that short-term sentiment on AMP is bearish, with 3 indicators displaying bullish signals compared to 25 bearish signals at the time of writing.
The daily simple and exponential moving averages are giving sell signals, while the relative strength index (RSI) stands at 35.
An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.
In terms of an AMP crypto price prediction, the coin could see its price dropping to $0.00777 by August 2022, falling to $0.00215 in January 2024 and decreasing to $0.00133 by January 2025.
About the Author
Mohadesa Najumiauthor
Mohadesa Najumi is a British writer who has worked within crypto, forex, financial technology, and the stock market industry. Mohadesa received her MSc in Political Science and International Relations at the University of Amsterdam.
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