Amp price has had a difficult period in the past few months as challenges in the Decentralized Finance (DeFi) industry have emerged. As a result, the coin’s price has dropped from an all-time high of $0.1228 to an all-time low of $0.0080. This 92% crash has brought its total market cap to about $709 million, making it the 73rd biggest coin in the world.
What is Amp, and why has it crashed?
Amp is a blockchain project that is primarily in the decentralized finance industry. Its goal is to take money into the 21st century by providing assets like Bitcoin, Algorand, USD Coin, and DAI with instant, verifiable assurance for any real-world application.
Amp holders can stake the coin across multiple exchanges like Binance and Coinbase. By staking the coin, any form of value exchange can be guaranteed. This includes digital payments, fiat currency exchange, and loan distributions.
Holders can also send the token since Amp decentralizes the risk of assets. Moreover, according to its platform, Amp collateralization is tested, audited, and available to users. Also, it is possible to build applications on top of its platform.
The Amp price has declined sharply in the past few months in line with the performance of other cryptocurrencies like Bitcoin and Ether. At the same time, it has struggled because of the struggles in the DeFi industry, where the total value locked (TVL) has crashed from over $250 billion to about $83 billion.
Amp price prediction
The daily chart shows that the Amp price has been in a strong bearish trend in the past few months. As a result, it has remained below the 25-day and 50-day moving averages. A closer look shows that it has found a strong support at $0.0075. It has struggled to move below this level several times this year. The Average True Range (ATR) has continued falling.
Therefore, the outlook for the coin is neutral. A move below the support at $0.00075 will signal that sellers have prevailed. On the other hand, a move above the resistance at $0.015 will mean that there are still more buyers in the market.