Amp price plummeted. Since its highs in May, it’s down some 40-plus percent. But the stunning thing is that it has crashed by 80% from the 2024 top. Is this a buyable dip or a warning signal ahead?
Amp is teetering on the edge. Prices this week plunged to a chilling $0.00293, never being sniffed since the licking winds of April. Once a giant with a lofty $3.5 billion market capitalization, Amp now sits upon fragile footing with a market cap of $286 million. But is it the end or the eye of the storm? Consider these potential catalysts for a knock-out comeback before penning down his obituary.
Amp crypto has formed a double-bottom pattern
An exciting time for Pulse! A double base is probably forming on the daily chart with a bullish promise. Imagine it: two solid floors have emerged at $0.0029 awaiting a lift. Above it lies the neckline at $0.00578- a very critical level; if broken, $Amp will then have a clear path to higher ground.
Just picture a stock chart drawing a “W,” a double bottom, or perhaps a bullish reversal indication. To gauge the resistance or price from the top of its climb, imagine a neckline drawn across the peaks lying between the bottom troughs of that stock. The distance from that neckline-to-the-bottom is the height of the pattern. In this case, the height is merely $0.00288. Add that height to the neckline, and that price is your profit target of $0.0086. Should that come through, that would be an incredible surge of around 155% from the present price!
Amp price chart | Source: crypto.news
Whales are buying Amp
The comeback kid status of AMP may be backed by whale activities. Big money investors are loading up on AMP, suggesting a big price move is expected Tor greater than usual. This bullish accumulation could be the rocket fuel for an explosive comeback.
And never mind discounted; Amp is actually in the dirt-cheap bin, with practically no price. The MVRV ratio, a principal indicator of value, has crashed to a shocking -1.78. In simple terms, Amp’s potential is massively underestimated; sorely screaming buy for anyone who knows a bird when one flies by.
There is a movement of AMP whales! The big dealers in the range of 100,000 to 1 million AMPs have been aggressively scooping up tokens, growing their holdings collectively from a year-to-date low of 1.05 billion to a hefty 1.1 billion. But wait, that’s not all – big tenth fishes are biting, too! Mid-tier whales (with 1M-10M tokens) now have over 1.97 billion in AMPs, while the apex predators hold over 10.7 billion from 10M-100M. Is this that eerie calm before an oceanic wave of price action?’
Amp whale activity and MVRV | Source: Santiment
Supply on exchanges is falling
Despite the price slide, there has been no mass exodus of investors. To the contrary, on-chain analysis carried out by Nansen shows that holders have been holding firm; exchange balances have been dropping to 15.35 billion tokens, with a 15% decrease over the last one month and a 20% decrease over the last three months. In comparison, there were almost 20 billion AMP on exchanges in April, and what clearly comes out here is that investors are digging in, not out.
AMP exchange balances | Source: Nansen
AMP price surged by 10% after 1 year, causing a lot of fear for the new bears. That being said, this is one of the factors that suggest when demand wanes in the case of such a volatile asset, the price will fall hard.
Thanks for reading Top 3 reasons Amp crypto price will rebound after crashing 40%
