AMP Technical Analysis: AMP Market Price Drops Under The 50-day SMA

AMP price action shows an unprecedented increase in buying pressure, but the failure to sustain it warns of a retracement below $0.010. Key technical points: The AMP market price has increased by 20.10% over the past 24 hours. The price action shows the increased demand last night dozing off. The 24-hour trading volume of Amp is $119 Million, indicating a rise of 2250%. Past Performance of AMP AMP price action showed an overpowering growth on the buyer’s side last night, resulting in a substantial bullish candle reaching the 100-day SMA(orange). However, the increased selling pressure at the bearish-aligned SMA pushes the prices under the 50-day SMA. Hence, despite a jump to $0.015, the market price close at $0.010 last night, and the Doji candle forming today warns of an evening star pattern. A bearish reversal candlestick pattern consists of three candles: a huge bullish candlestick, a small-bodied candle or a Doji, and a bearish follow-through candle. Source- Tradingview AMP Technical Analysis The phenomenal jump in AMP trading volume fails to support the bullish growth and plunges quickly today, leading to a small body candle. Hence, traders hoping for a bullish continuation must wait for closing above the 50-day SMA. The MACD and the signal lines display an upward trend that reaches the zero line, and the spread regrows to support the positive growth. Thus, the indicator reveals an underlying increase in bullish sentiment...