Amp Looks Ready To Break Out In The Coming Days

Amp AMP/USD is trading higher Thursday, moving in a crypto market that is bullish overall. The majority of the tradable assets on Coinbase Global Inc. COIN are trading higher today. A total of only 10 out of the 93 tradable assets are moving lower, which translates to slightly over 10%.

AMP Token was up 12.17% at $0.0485 at last check Thursday afternoon at publication. 

AMP Token Daily Chart Analysis

• The crypto has been falling the past few months in what technical traders call a falling wedge pattern. The price is nearing resistance in the pattern and could possibly see a breakout in the coming days.
• The price has been getting condensed between narrowing highs and lows and is now reaching an area where there isn’t much room for it to go. If the stock can break above pattern resistance it could see a long-term trend change.
• The crypto trades below the 50-day moving average (green), indicating recent sentiment has been bearish.
• The 50-day moving average may hold as a place of resistance for the crypto at some point in the future.
• The Relative Strength Index (RSI) saw a jump higher in the past couple of days, sitting at 48 and nearing the middle line. This shows that there was an increase in the amount of buying pressure in the crypto, but overall is still seeing slightly more selling pressure.

What’s Next For AMP Token?

Bullish traders are looking to see the crypto break above the pattern resistance and push higher. This could indicate a long-term trend change where the crypto sees the beginning of a bullish run. Bulls want to see the crypto cross above the 50-day moving average for sentiment to turn more bullish.

Bearish traders would like to see the crypto get rejected at the pattern resistance and start to fade lower once again. Bears look to have control of the crypto as it is in a long-term downtrend and can maintain control if the crypto can stay below the pattern resistance.

Image by Tumisu from Pixabay