AMP's intraday price gained 12%, raising its market cap to $327.6 million. Despite overall sell-offs in Q2 2024, the price has grown by 55% over the past two weeks.
AMP Price On-Chain Overview
According to on-chain research site IXFI, transactions greater than $100K surged to $6.78 million this week. The active addresses increased from 119 to 258, spiking the transaction count from 167 to 749. Transaction volume rose from 230.29 million AMP to 2.16 billion AMP. Concentration by large holders indicated 87% control of the token supply in circulation, with whales holding 72.22% and investors 14.87%.
Potential Changes in AMP Price
AMP price has been on a downward trend since March 2024, following a peak at $0.01690. Recently, AMP has been forming what appears to be a falling wedge on the daily chart, which is typically a bullish pattern. For this pattern to trigger significant upward movement, AMP must sustain its price above the 50-day and 200-day EMA levels and surpass the $0.00500 mark. If the price falls further, key support levels to watch are $0.00350 and $0.00280.
Current Market Situation for AMP
At press time, AMP price traded at $0.00407, showing a bullish cross and the RSI pierced the median line. If the price breaks above the falling wedge's upper boundary with strong bullish momentum, it could experience a notable price increase. Potential resistance levels in this scenario are $0.00620 and $0.00835.
Based on on-chain metrics, growth continues in a northward direction after sustaining above the Change of Character (CHoCH) level. Depending on future market conditions, the AMP price may encounter key support and resistance levels.
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