AMP attempts a rally to monthly highs despite market bears
- AMP token has surged by around 5.8% during the past 24 hours.
- The token has rallied despite the rest of the market starting the weekend on a bearish trend.
- Over the past few months, the Flexa network has seen growing levels of adoption.
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During the past 24 hours, volatility across the cryptocurrency market has spiked. As the market entered the weekend, some bears kicked in, with BTC dropping slightly to $42K and Ether dropping below $3000.
Despite this performance, AMP/USD has displayed a strong performance. The token is still trading in the green zone, having gained around 5.8% during the past 24 hours. At the time of writing, AMP was trading at $0.032.
AMP breaks free from the market trend
The AMP token has a tendency of breaking free from market volatility. Last year in June, when the rest of the cryptocurrency was on a bearish trend, AMP rallied and hit an all-time high of $0.12. Currently, the token is 74.4% below this record high.
Currently, short-term buyers are fuelling AMP’s price rally. These buyers have been flocking the market to book profits from the short-term price movements of various cryptocurrencies in the market. Volatility has increased during the past 24 hours, with AMP’s prices ranging between $0.030 and $0.034.
With the current price increase, AMP could test the resistance at $0.034 again. If buyers can rally the support again, the coin will break past $0.0038 and attempt to reach a monthly high at $0.040.
As mentioned earlier, the broader market support is weak, and AMP could give in to the bearish pressure. This will push it to the support level at $0.030. if buy orders are placed here, AMP could rally.
Bullish developments on Flexa
AMP is the native token for the Flexa network. Flexa has seen growing adoption. The Flexa network has partnered with some innovative blockchain projects due to the fast transaction speeds. Last year, Flexa partnered with some of the largest banks in El Salvador to facilitate Bitcoin services. It has also found a niche in the entertainment sector through a partnership with Regal.
Following these developments, AMP was classified as one of the assets under consideration by Grayscale, the world’s largest digital asset management firm. Due to these developments, AMP is primed for a strong recovery, at least for the short term.