AMP token moves up more than 50% today thanks to their Binance listing, but can it break through historical resistance?
Covered:
- That’s Some Serious Resistance
- It’s Not Pretty, But Let’s Call It A Flag
That’s Some Serious Resistance
AMP token moves up more than 50% today thanks to their Binance listing, but can it break through historical resistance?
On May 6, 2021, AMP culminated a lovely uptrend, closing its daily candle on that day at $0.073 USD. Since then, it has had no less than 15 daily candles attempt to break and hold above that point. Each one of those attempts was short-lived, however, and followed by a swift rejection.
Today, the price is surging on very high volume but is again finding a rejection at that crucial price. At the time of writing, AMP token is trading just above $0.07.
AMP Token: It’s Not Pretty, But Let’s Call It A Flag
If AMP token is going to break through the $0.073 price point, it needs to do precisely what it’s doing right now: form some sort of consolidation, or “flag” pattern, and move sideways just under resistance as it prepares for its next move higher.
This might be the ugliest flag pattern I’ve ever seen, but considering it’s holding where it needs to, we shouldn’t complain.
Any move above $0.073 should be supported by rising volume, as we have seen a sharp drop off over the past 18 hours, or so. Any move above $0.073 that does not have volume backing it up runs the risk of being just another fake out.
