AMP Managed To Get Out Of Recent Consolidation
AMP has recently gained strong upside momentum and is up by roughly 13% in the last 24 hours.
AMP is a digital collateral token used by Flexa network, which provides a digital payments platform. AMP is used as collateral to guarantee payments and serves as a kind of insurance for Flexa transactions.
Just like many coins, AMP made several attempts to gain sustainable upside momentum in November, but found itself under pressure and pulled back. Today, AMP is moving higher amid general crypto market strength, which was triggered by Bitcoin‘s recent move above the important $50,000 level.
AMP gained strong upside momentum after it managed to settle above the 20 EMA at $0.0510 and the 50 EMA at $0.0525. Currently, AMP is trying to settle above the resistance level at $0.0565. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
If AMP settles above $0.0565, it will move towards the next resistance level which is located at $0.0590. A move above this level will push AMP towards the resistance at $0.0610. In case AMP gets above $0.0610, it will move towards the resistance at $0.0625.
On the support side, a move below $0.0565 will push AMP towards the support level at $0.0550. In case AMP declines below the support at $0.0550, it will head towards the next support level at the 50 EMA at $0.0525. A move below the 50 EMA will open the way to the test of the 20 EMA at $0.0510.
Taking a look at H1 chart, we can see that RSI is in the extremely overbought territory, so the risk of a short-term pullback is increasing. Most likely, AMP will need to go through a consolidation phase to push the near-term RSI back into the moderate territory, which will provide it with an opportunity to continue its upside move.
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