A review of the technical view and fundamental analysis of the digital token. It includes the risks ahead for AMP and price prediction for 2022 to 2030
AMP price analysis: Technical view
The AMP coin started at $0.00953 on September 11, 2020. It sustained that price level until February 4, 2021, when it reached $0.01138. On May 25, 2021, the token registered a spike, trading at $0.039.
On June 10, AMP was listed on the mainstream cryptocurrency exchange Coinbase, leading the token to hit an all-time high of $0.121 on June 16, 2021, according to data from CoinMarketCap.
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AMP reached $0.04524 on October 31, but the price has been condensed between narrowing highs and lows in the last few months.
The technical analysis provided by CoinCodex on March 10 showed that short-term sentiment on AMP remained bearish, with three indicators displaying bullish signals and 22 bearish. Its short term Flexa price prediction was it would rise to $0.027 by March 15
The daily simple and exponential moving averages are giving sell signals, according to data from TradingView, while the Relative Strength Index (RSI) was at 39.26 (March 10). An RSI reading of 30 or below indicates an oversold or undervalued condition. Trading View’s overall recommendation was a sell.
AMP coin fundamental analysis
The AMP token, which serves as a particular type of collateral within Flexa, appears to have benefited from a listing on the Coinbase trading platform in June 2021.
More people now have access to buy and sell AMP as a result. It has led to a steady increase in the digital collateral tokens popularity. AMP could also benefit from the fact that cryptocurrency investors can now earn income through staking, a process whereby an individual makes passive income in addition to their token price gain.
As a whole, the rise of global token networks has fostered a spectrum of innovative projects with features specific to spending utility, low-volatility protocols, pegged assets, and synthetic commodities.
A benefit of AMP is that the protocol provides an entirely autonomous collateralization system. Typically collateralization means that users are dependent on a third party. However, AMP removes this requirement by offering a decentralized digital alternative.
Another major plus is that the AMP network provides real-time finality assurance, boosting the token. A drawback of cryptocurrency payments can be the time that transactions take to be completed at the point of sale.
The AMP network is incredibly unique because users can collateralize their assets instantly. It makes the protocol both scalable and suitable for the needs of a growing digital economy. Not to mention that AMP users enjoy a high level of interoperability. As of June last year, the protocol supported over 25 digital assets.
Risks ahead for AMP
Cryptocurrency markets have been subject to high volatility, driven in part by varying perceptions of the intrinsic value of crypto as a store of value.
Various upward and downward price movements have taken place over the last few years. For example, in May 2021, bitcoin plunged by as much as 30% to about $30,000.
As a native utility token of the Flexa network, AMP is a relatively new project, launched only in September 2020, which means it is still on its journey of achieving broader adoption.
While cryptocurrencies such as AMP have been hailed as potentially disruptive financial technologies, technological barriers remain, which may affect the crypto-asset ecosystem as a whole.
AMP has a non-inflationary, fixed-total supply of tokens, which could rise in value directly from broader adoption, notwithstanding the risks facing the digital collateral token.
Flexa coin price prediction: 2022-2030
Regarding an AMP crypto price prediction, on March 10, algorithm-based forecasting service Wallet Investor saw it as a bad short-term investment. Based on historical data, Wallet Investor saw the price falling to $0.0024 in a year and falling to $0.0015 in five years.
In its AMP prediction, DigitalCoin Price expected the token to grow to $0.038 in 2022. In its longer-term outlook, the forecasting company saw AMP rising to $0.06 in 2025 and eventually hitting $0.1 in 2028.
Coinjournal’s cryptocurrency analyst, Motiur Rahman, said that AMP addresses a vital segment of the crypto industry – the collateralization of assets, which gives the industry a new dimension.
“Users will be able to use collateralized crypto assets in contract finance and credit finance. There is a lot of wealth already tied into the cryptocurrency industry, and AMP opens the door for unlimited applications in real-life situations,” Rahman told capital.com.
“Although the coin recently spiked, trading at a new 30-day high, it is still several levels below its yearly highs of about $0.11, which leaves a lot of room for the rally to continue”.
Overall, as more merchants integrate payments capabilities with Flexa, AMP’s use case could become more vital, potentially boosting the token’s price.
Note that algorithm-based price projections can be wrong. Forecasts shouldn’t be used as a substitute for your research. Always conduct your due diligence before investing. And never invest or trade money you cannot afford to lose.
Source https://www.gobankingrates.com/investing/crypto/amp-token/
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