AMP Crypto price has crashed by more than 40% from the highest point in May and with almost 80% of the High 2024.
AMP (AMP) Token fell to a low point of $ 0.00293 this week, the lowest level since April. This retreat has brought its market capitalization to $ 286 million, a decrease of all time of $ 3.5 billion. Here are the top three reasons why the coin can return quickly.
AMP Crypto has formed a double bottom pattern
The first reason that AMP can bounce back is that it has formed a double bottom pattern on the daily graph. This pattern consists of two different lows and a neckline. In this case the lower part is $ 0.0029, while the neckline is $ 0.00578.
The profit objective in a double bottom is determined by pulling the bottom of the neckline. In this case the calculation gives the amount of the pattern as $ 0.00288. Adding this figure to the neckline gives a target of $ 0.0086, an increase of 155% compared to the current level.
Buy whales amplifier
Another reason why the AMP can return is that whales actively collect AMP. These large holders increase their token companies, signaling expectations of a price recovery.
One reason for this accumulation is the belief that AMP is strongly undervalued, because the MVRV ratio has fallen to -1.78. An MVRV ratio under 1 usually indicates that a token is acting with a discount.
The graph below shows that portfolios between 100,000 and 1 million amps have increased their participations to 1.1 billion from the low of 1.05 billion. Similarly, whales that hold between 1 million and 10 million tokens now have more than 1.97 billion coins, while with 10 million to 100 million now have 10.7 billion.
The delivery on exchanges is falling
In the meantime, there are signs that investors do not dump an amplifier, even if the price drops. Published data from Nansen shows that the exchange balance has fallen to 15.35 billion tokens, with 15% falling in the last 30 days and 20% in the last 90. There were almost 20 billion amplifiers on exchanges in April.
That is why the strong technicians, combined with the falling supply on fairs and raised whale recording, suggest that AMP can bounce back.
