As mentioned in our last AMP price prediction, the breakdown of $0.08 support has triggered another bearish leg. This breakdown appears to be the final nail in the coffin for the bulls, as there’s very little AMP coin price history below this level. Consequently, the Bears are in full control to aim for new lows.
Most altcoins enjoyed a major relief rally within the past few weeks after months of an intense downtrend. However, AMP crypto immensely underperformed during this tenure and failed to break out of the downtrend even o lower timeframes.
One major reason behind the intense selling pressure on the AMP price chart is the recent delisting from the Binance US exchange. The US arm of the biggest cryptocurrency exchange, Binance, had to take this action after the SEC deemed the token a security. Nevertheless, you can still trade AMP on Binance Global.
According to AMP crypto news, the co-founder of FLEXA Inc., Tyler Spalding, will be speaking at the Mainnet 2022 event. The agenda-setting event of the year would take place from 21st to 23rd September in NYC.
AMP Price Prediction
Our last article recommended using the $0.08 level as a stop loss for any long trades. This region comes into play by performing basic technical analysis on the AMP USD chart. The price action has performed an ascending triangle with a bottom at $0.08. Due to multiple retests of this support, the demand got so weak that it ultimately broke down.
The theoretical measured target of this downwards push is as low as $0.0005, which is 90% below the current price level. Although such a bearish price target is unlikely to be met, an AMP price prediction of $0.0025 seems to be more appropriate.
This level is the all-time low price of the coin that was hit in November 2020. Any break below this level would send the price into oblivion with the $0.0005 price level on the cards.