• Amp price is on a bullish momentum, rising to its highest point since September 11 last year.
• On-chain metrics show that the number of people using and holding Amp was relatively negligible.
• A recent statement from New York’s attorney general noted that tokens like Amp, Luna, and RLY were securities under the Martin Act.
Amp Price Bullish Momentum
Amp token has been increasing in value recently, with its current price reaching the highest point since September 11 last year. This rise in price is despite the on-chain metrics showing that there are relatively few users or holders of the token.
New York Prosecution Lawsuit
Recently, New York prosecutors have filed a lawsuit against CoinEx for offering unregistered securities in their platform. The statement mentioned tokens like Amp, Luna, and RLY as being included in this case.
Analysis of Daily Chart
The daily chart shows that amp has made a strong recovery over the past few days, moving above key resistance levels at $0.0059 and $0.005 psychological levels. It has also moved above both 25-day and 50-day moving averages while oscillators such as RSI and MACD have kept rising. These gains are happening at a period of high volume, suggesting further upside potential to $0.008 level if support at $0.006 holds up well enough.
4H Chart Analysis
On the four-hour chart we see that amp has been in an overall bullish trend crossing several resistance points including those at $0.0053 and $0.0059 which were previously seen on Feb 8th and Jan 7th respectively . Oscillators such as RSI and MACD remain positive signaling further growth potential while support is seen at around 0$0$.006 level should it be breached then bearish outlook will be likely to emerge soon after .
Conclusion
Overall amp continues to remain bullish though there are some concerns regarding its lack of usage by users or holders which may act as barrier towards further growth potentials . Despite this analysts expect it may still reach an all time high when compared to previous highs with support seen at 0$0$.006 level should any unexpected dip occur .