The AMP token has shown a significant increase in price amidst the upcoming launch on the South Korean exchange Bithumb. Its price rose by 20%, and trading volume reached record levels.
Price Surge of AMP
The AMP token reached an intraday high of $0.0041, raising its market cap to over $320 million. This occurred alongside a 140% increase in trading volume, surpassing $32 million.
Increased Trader Interest
Interest in the AMP token also manifested in a dramatic increase in open interest in AMP futures, which soared by 736% in a single day, reaching over $3.3 million. The funding rate remained at 0.0110%, suggesting a bullish sentiment among traders.
Technical Analysis and Outlook
Despite the current successes, technical indicators indicate potential loss of momentum. On the 1-day/USDT chart, the price of AMP broke out of a long-standing downtrend, but the crossing of the 50-day and 200-day moving averages forms a 'death cross', which may signal a prolonged bearish trend ahead.
The AMP token shows strong performance ahead of its launch on Bithumb, but technical analysis suggests potential corrections in the future.
