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AMP token price soars as volume spikes but it could retreat soon

By: Invezz
amp

Ampere (AMP) token price went parabolic on Tuesday, becoming one of the best-performing cryptocurrencies in the market. It surged to $0.017, a 150% increase from its lowest point on Monday. It has jumped by over 1,095% from its lowest point in 2023, giving it a market cap of over $829 million.

Short squeeze intensifies

It was unclear why the AMP token went parabolic this week since the network has gone through major changes. Earlier this month, the developers announced that they would launch two projects: Ampera and Anvil. 

Ampera will focus on digital payments while continuing its collateral for the Flexa ecosystem. On the other hand, Anvil will be the new platform for issuing digital letters of credit and will be governed by the ANVL token. Anvil will be launched in the next few months after coming out of its testing.

1/ Today, we are excited to announce major milestones for the Ampera Foundation after 12 months of hard work! Based on our community's valuable feedback, we're introducing two distinct projects to better serve the crypto ecosystem: Ampera & Anvil. pic.twitter.com/mGnnMQAhTP

— Ampera (@ampera_xyz) February 27, 2024

One reason for the AMP price jump is that this could be a short squeeze. A closer look shows that it was one of the most trending tokens in key social media platforms like StockTwits and Reddit.

Also, the volume of the token went up sharply. Data compiled by CoinGecko shows that the volume surged to over $111 million on Tuesday, up from $8.6 million on Monday. This was its highest daily volume since February 23rd when it spiked to $156 million. 

These short-squeezes have been highly popular in the cryptocurrency and stock market in the past few months. For example, we recently saw some penny stocks like Mullen Automotive, Canoo, and Phunware go parabolic for no apparent reason.

Amp’s performance over the years has been notable since its utility has been a bit cloudy. Its goal was to provide collateral in the DeFi industry but it is unclear whether many people used it. Its most important utility was through Flexa, a US payment platform, to decentralize risk. 

Amp price forecastAMP Price

AMP chart by TradingView

Turning to the daily chart, we see that the AMP token price has gone parabolic as it more than doubled in the past 24 hours. As the token rose, it moved above the crucial resistance point at $0.0058, its highest swing on December 11th.

AMP price has also surged above all moving averages, signalling that bulls are now in control. However, its oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought level.

Therefore, I suspect that the coin will pull back in the next few days as it moves to a profit-taking phase. That drop could see it move to the psychological point of $0.010 before resuming the bullish comeback.

The post AMP token price soars as volume spikes but it could retreat soon appeared first on Invezz

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