AMP Price Prediction: Why AMP is Still Bearish Despite 19% Surge

Yesterday’s trading session saw one of the biggest AMP price jumps in the past few months. In the early hours of the trading session, the price surged by 80 per cent to trade at $0.015. However, the surge in value would not last, as the prices started to slowly move downwards. 

By the end of the day, the crypto had dropped its value by 33 per cent and closed the markets trading at $0.010 price level. The huge drop was a result of an intraday sell-off, with most investors closing their positions and taking the gains for the day. 

Why did AMP price surge?

The data from the past 24 hours can offer us a clue as to why the price of AMP surged. On June 29th, the total trading volume for the cryptocurrency was about $4.8 million. However, June 30’s trading session saw a 1915 per cent increase, with the total trading volume by the end of the day amounting to $97.4 million. 

The surge in trading volume also saw new investors, upon noticing the surge, put their money into the crypto, which further helped it to grow during the session. However, as the session progressed, the earlier crypto traders started to pull their money. The result was a significant drop, which caused panic and resulted in late investors starting to pull their money out, resulting in a 33 per cent price decrease. 

AMP price prediction

The price action of the past few hours shows an increased sell-off. Therefore, my AMP price prediction for the next few trading sessions is to the downside. There is a high likelihood that we will see the prices hit yesterday’s price low of $0.0083. 

Today’s trading session is also setting up for a huge drop, with prices already down by a percentage point. There is a high likelihood that we will see the bearish trend continue throughout the session. My bullish analysis will, however, be invalidated if prices trade above the $0.01300 price level. At that point, a continuation of yesterday’s bull run will have been confirmed.

AMP Daily Chart