In the past 24 hours, on-chain data shows increased whale activity, and Ampera’s AMP token has increased by a remarkable 62%, following on the heels of increased momentum, as the CMC chart shows. Interest from large investors and a boost from a surge caused by a combination of utility and growing interest represented a landmark moment for the altcoin.
Just a week ago, AMP hit $0.0133 on Wednesday morning, an increase of more than 330 percent from its lowest price point of the year. AMP’s market capitalization exceeded $1 billion for the first time in nearly two and a half years as the surge. AMP’s market cap was $978 million at the time of writing.
The influx of everyday users, along with the price increase, resulted in a 750% increase in daily trading volume, up to $601 million. A cryptocurrency mechanic hopped on Google following a surge of retail interest as investors exploited its strong run on their wallets.
Why is AMP Price Rising?
There are a number of what seem to be key reasons why AMP has been rallying so strongly.
Broader Market Surge: A broader altcoin market rally is behind the recent upswing in AMP’s price. Binance Coin (BNB) and Tron (TRX) are major cryptocurrencies with daily gains of 17.6% and 68.8%, respectively. The fact that Bitcoin’s modest use by 1.4% outperformed it over the same period serves only to feed investor interest in altcoins, such as AMP.
Integration with Zcash Wallet: There’s also a match between AMP’s rise and the increasing utility of the technology. Earlier this week, the digital payment platform Flexa which uses AMP as collateral, announced it integrated with the Zcash wallet app Zashi. Users can purchase products at U.S. Flexa-enabled stores and pay without revealing wallet or currency details. Since Flexa is growing in popularity, the amount of use of AMP as collateral will rise, creating an upward surge in the price of AMP due to decreased supply.
Increased Whale Activity: It’s also part of the recent surge in whale activity that’s been helping push AMP’s rally. IntoTheBlock data shows whale netflows have soared more than 150 percent in the past 24 hours. The net inflows surged from $473K on Dec 3 to $186K on Dec 2, showing that AMP was back in large investors’ interest.
Technical Indicators for the Long-Term Favor Growth.
According to technical indicators, AMP’s bullish momentum continues. AMP has broken out above the 50-day and 200-day Simple Moving Averages (SMA), indicating that, as of late, bulls are in control of the daily chart. The 50-day SMA has also recently crossed above the 200-day SMA, forming a “golden cross,” which is traditionally considered a bullish sign in technical analysis.
Additionally, the Moving Average Convergence Divergence (MACD) indicator indicates that the MACD line and the signal line have been moving higher above the zero line proclaiming the power of that rally.
With these technical and fundamental signals, analysts think AMP can keep on going up. According to analyst Javon Marks, AMP could reach as high as $0.07048, that’s a potential rise of more than 470% from where it stands today.
@Havenon kkkkkkkkkkkkkk
— Deyse Pereira (@deysesp) July 16, 2010
AMP’s utility is on the rise, and the appeal of the altcoin, in particular, shows no signs of decreasing, leaving the token poised for further price gains in the following days.
