AMP Price Forecast: AMP Grandiose Rally Unstoppable after Hitting $0.1
- AMP exploded nearly 230% in June alone and achieved an all-time high of $0.12.
- Buyers have gas to catapult the AMP higher based on the short-term technical outlook.
AMP has continued to fly the bullish flag high above the cryptocurrency, notwithstanding the selloff in May and the sluggish price action in June. The token has spiked by almost 230% in the last couple of weeks to trade new record highs of $0.12.
Meanwhile, the uptrend seems intact based on the prevailing short-term technical picture. Realize that the zone at $1.2 is the immediate seller congestion zone, now that AMP is teetering at $0.115.
Amp could extend the uptrend to $1
The four-hour chart reveals a bullish impulse emanating from the Moving Average Convergence Divergence (MACD) indicator. Note that this technical tool helps identify the general direction of an asset trend.
Moreover, MACD staying within the positive region keeps the uptrend intact, while investor interest is unlikely to waver. This will bolster AMP higher, especially with the MACD line’s widening divergence from the signal line is a massive bullish outlook.
AMP/USD four-hour chart
According to the Global In/Out of the Money (GIOM) on-chain model by IntoTheBlock, AMP is still in price discovery. In other words, it is trading at all-time highs and there is no defined resistance.
Nonetheless, the token enjoys immense buyer congestion zones, implying that the tailwind will likely intensify amid non-existent overhead pressure. The region between $0.078 and $0.092 is the most robust, hosting around 1,900 addresses currently profiting from the 746 million previously purchased AMP.
Amp GIOM on-chain model
Looking at the other side of the fence
It is essential to realize that AMP is highly overbought, according to the Relative Strength Index (RSI). In other words, AMP is likely trading above its actual market value, hence the possibility of a pullback in the short term. The all-time high resistance at $0.12 must also come out of the way before bears start gaining traction. A correction under $0.1 may trigger massive sell orders as investors rush to take profits before the price dips further.