In terms of market capitalization, the AMP token is rated 84th with net liquid assets of $937,363,094. A total of 42.23B AMP tokens are in circulation. A favorable situation surrounded AMP only until June 2021 when it reached $0.121 on charts.
AMP has shown a pattern of resistance and breakdown on a regular basis. The token has shown 80% drop since the June 2021 high.
The last breakdown stopped at $0.02. However, lack of purchases among investors meant that the small bounceback in Feb was quickly swallowed up by bearish sentiment. A small retracement helped AMP bounce back until the first week of April following its recent low of $0.021 on 23rd February.
After the first week of April, a downtrend rally repeated history and breached an even lower level of $0.0206.
AMP price trend is visibly negative, and any chances of bouncing back to previous highs would require a huge improvement in the market position and user base. Since such a feat could take a long, AMP coin holders should not add more AMP tokens in a falling knife trend. Small buying should be appraised, but averaging the entire investment after a considerable decline would be highly damaging.
AMP trendline indicating a decline is quite gentle, and profit booking has happened over four months in 2022. A jump back to previous highs would require significant market support from the traders.
Since support seems to be developing at around $0.022, investors should look for an opportunity to add some AMP tokens to earn hefty profits in the long term. Positive sentiment can return at AMP only after prices take over the breakdown level of January 2022, marked at $0.045.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
