Ampera’s AMP Surges 62% in 24 Hours, On-Chain Metrics Signal Whale Accumulation
Ampera’s AMP token has witnessed a remarkable 62% surge in the past 24 hours, continuing its upward momentum fueled by increasing utility and whale accumulation, as indicated by on-chain metrics.
The price of AMP skyrocketed to $0.0133, marking a staggering 330% increase from its lowest point this year. This surge propelled the altcoin’s market capitalization over $1 billion for the first time in nearly 29 months, settling at $978 million at the time of writing.
Accompanying the price surge was a massive 750% spike in daily trading volume, exceeding $601 million. Additionally, AMP gained traction on Google searches, reflecting heightened retail interest in the cryptocurrency.
Factors Driving AMP Price Surge
Several factors have contributed to the recent rally of AMP:
Firstly, AMP’s surge coincided with a broader altcoin market rally, with major cryptocurrencies like Binance Coin (BNB) and Tron (TRX) posting significant gains compared to Bitcoin.
Secondly, the integration of Flexa, a digital payments platform that utilizes AMP as collateral, with the Zcash wallet app ‘Zashi’ has added to the token’s utility. This integration allows users to make purchases at Flexa-enabled U.S. stores without disclosing their wallet or currency details, leading to increased demand for AMP as collateral.
Thirdly, a surge in whale activity has bolstered AMP’s rally, with data indicating a shift in netflow from outflow to inflow among whale holders. This renewed interest from large investors has further fueled the price growth of the altcoin.
Technical indicators also support the bullish momentum of AMP, with the altcoin surpassing both the 50-day and 200-day Simple Moving Averages. The formation of a golden cross, where the 50-day SMA crosses over the 200-day SMA, is a bullish signal in technical analysis.
Moreover, the Moving Average Convergence Divergence (MACD) indicator shows the MACD line moving higher above the zero mark, indicating continued upward momentum for AMP.
Analyst Javon Marks has projected a potential price target of $0.07048 for AMP, suggesting a significant increase of over 470% from its current price.