AMP price is rising as top crypto expert sees more upside

The AMP token experienced a strong rise and reached $0.0144, its highest level since March 11.

Ampere (AMP) is up nearly 300% from its annual low, pushing its market cap to over $910 million.

This rise coincides with a broader shift into legacy cryptocurrencies that have outperformed in 2021, following notable gains in names like Stellar Lumens (XLM) and Ripple (XRP).

AMP’s utility in the payments industry has supported price growth, particularly due to its high transaction speeds and low costs. Recently, AMP technology was integrated into Flexa, a growing payment network for e-commerce.

AMP’s price also rose as crypto analysts expressed positive sentiments about the cryptocurrency. CJ Bennet, a popular crypto analyst, said in a statement that the cryptocurrency is poised for more gains and has potentially reached a record high.

$amp

Patience wins, friends. Trust the winning technology and everything will be fine. We not only touched on the next zone, capturing the measured expansion of the previous pennant, but we also began to move through it, heading towards the big turning point… pic.twitter.com/oyENTiyqGE

— CJ Bennett (@the_real_CJ) December 4, 2024

Amp’s all-time high was $0.037, which means it still needs to gain 235% from its current level to reach this milestone.

Cryptocurrency is also on the rise as investors celebrate the arrival of altcoin season. Data from CoinMarketCap shows that the altcoin season index rose above 80, while the fear and greed index rose to 88. Most altcoins tend to perform well during periods when market greed is high.

Meanwhile, there are signs that AMP whales are hoarding money. According to Etherscan, a whale moved tokens worth over $2 million from Coinbase, which is seen as a bullish signal.

AMP price analysis AMP chart | Source: crypto.news

The daily chart shows that the AMP token price experienced a strong bullish breakout and reached $0.01450. It has surpassed the critical resistance level of $0.0091, the highest point on April 29.

The coin formed a golden cross pattern with the 200-day and 50-day moving averages crossing each other.

MACD and Relative Strength Index also show bullish momentum. Therefore, AMP needs to close above this week’s high of $0.01450 to confirm the bullish trend. A close below this high could confirm the shooting star pattern, a common bearish indicator. In such a case, the price could decline and retest the support at $0.0091.