The Amp price has continued to slide, almost a week after having one of its days, where at its peak, it the prices had shot up by 80 per cent in a matter of hours. In today’s trading session, the Amp price is down by less than a percentage point, continuing a bearish trend that started yesterday, when prices fell by almost three per cent.
Why is the Amp Price Falling?
Since the late hours of the June 30th trading session, the Amp price has been aggressively falling. This has seen its prices drop from trading at the $0.015 price level to the current $0.009, a 40 per cent decline in less than a week.
On the day that Amp’s price jumped by 80 per cent, it also saw its trading volume go up by over 1,900 per cent from what it had been on the previous day. However, since then, the Amp trading volume has continued to fall, and today, the trading volume is down 11 per cent from yesterday’s trading session.
The trading volume has also been falling throughout the week and may have played a significant role in the strong bearish trend Amp prices are currently in. There is also the fact that the crypto industry’s price is in a bearish market factor that has also contributed to the current price losses. Amp, like all other cryptocurrencies, does not move alone in the markets. Instead, it mostly follows major trends.
For instance, it is highly positively correlated with Bitcoin and, hence, each time Bitcoin drops, Amp also follows that trend. Therefore, looking at the recent industry trend, the current Amp price fall has also been as a result of a strong and aggressive bearish trend.
Having looked at all these factors, my Amp price prediction expects the Amp price to continue falling. As long as these two fundamental factors remain, there is a high likelihood that we will see Amp’s continued loss in the markets. There is a high likelihood that we will see prices trading below the $0.008 price level in the next few trading sessions. However, if market factors improve, my bearish analysis will be invalidated.