- AMP crypto was 200% in the past month as an analyst projected more upside.
- Sell pressure increased, suggesting investors booked profits.
Amp [AMP] has soared 210% from its November lows, mirroring broader uptrend momentum in the altcoin sector.
According to crypto analyst CJ Bennet, the altcoin could surge beyond its all-time high of $0.09 in 2021, citing strong fundamentals and momentum. If so, that would translate to over 600% gain.
So, what key short-term targets could confirm the altcoin’s continued rally?
AMP crypto price levels
Source: AMP/USDT, TradingView
The key level to reclaim and reinforce strength on the price charts was the early 2024 high of $0.024. Such a decisive move could set AMP to eye $0.05 and finally $0.9 (last cycle high).
At press time, the 50% Fib level at $0.01 was a short-term roadblock to clear for bulls to push towards the $0.024.
That said, strong bullish signals from technical indicators suggested that the uptrend could continue. Notably, the altcoin has seen strong capital inflows since October, as shown by the rising CMF (Chaikin Money Flow).
Besides, the buying pressure was commendable, as illustrated by the RSI hitting the overbought territory. However, the overbought condition was also a warning sign of potential price reversal.
60% AMP holders at loss
Source: Into The Block
About 60% (58K addresses) of AMP users were underwater and might wait to break even or profit before selling. If they continue to hold, AMP could soar higher. However, the uptrend could hit a roadblock if they sell at a loss.
On the contrary, the short-term holders who acquired the token in the past 30 days saw a 45% in unrealized profits. If they book profits, they could also derail the uptrend.
As of this writing, whale interest has also increased, as shown by a spike in whale transactions (blue).
Read AMP [AMP] Price Prediction 2024-2025
Interestingly, this also coincided with an uptick in supply on exchanges (sell pressure, yellow).
Source: Santiment
An extra increase in sell pressure on central exchanges could limit AMP’s upside potential, so it’s worth tracking to gauge whether the rally will be sustainable.
