AMP Price Gains 12% & Market Cap Soars: Will Breakout Lead To A Rally

AMP price gained 12% in the past intraday, and led its market cap gain to $327.6 Million.

Despite the overall sell-offs going on in the second quarter of 2024, the price has grown by 55% in the past two weeks. Its spot volume inflow intraday showed a possibility for continued growth.

Over intraday, its spot volume surged by a whopping 241% for the current trend continuation. It also had a high liquidity present at 25.84%.

AMP Price On-Chain Overview

Per the On-chain research website 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 txs to 749 txs.

Meanwhile, the transaction volume surged from 230.29 million AMP to 2.16 billion AMP. It was accompanied by ongoing growth and adoption of its total addresses, a balance that reached 96.26K addresses (at press time).

Similarly, the concentration by large holders signified 87% control of the token supply in circulation, whales held 72.22%, and investors held 14.87%.

Retail investors held the remaining 12.91% of the floating supply. On average, the token was held for 8.1 months before being transferred.

On-chain data | Source: IXFI

Most positions have been lost due to the previous deterioration by major sell-offs. However, in the last two weeks, slight bulls’ presence turned the market green, which improved investors’ position.

Precisely, by IXFI, the 12.1K addresses were making money at the current price scenario, which made 12.45%. The majority was still at a loss, which accounted for 81.41K addresses (83.71%).

As per the tokenomics, the circulating supply at press time was 80.722 Billion AMPs out of 99.213 Billion AMPs. Based on the total floating supply per the rich list, the top 10 holders’ addresses held 69.98% supply.

So, based on the data from on-chain metrics, it signaled growth in a northward direction. That happened after sustaining above the Change of Character (CHoCH) level.

What Will Be the Next Move in the AMP Price?

The 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 a significant upward movement, the AMP token must sustain its price above the 50-day and 200-day EMA levels. It also needs to surpass the $0.00500 mark.

At press time, the AMP price traded at $0.00407, showed a bullish cross, and the RSI pierced the median line.

If the price continues to fall, key support levels to watch are $0.00350 and $0.00280. A breach of these supports could lead to further declines.

Conversely, if the AMP token price breaks above the falling wedge’s upper boundary with strong bullish momentum, it could experience a notable price increase. Potential resistance levels to watch in this scenario are $0.00620 and $0.00835.

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