Home Crypto Crypto Market Analysis AMP/USD Falling Wedge?

AMP/USD Falling Wedge?

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Synereo (AMP)


Market Cap: $17.89M

Circulating Supply: 100.73M AMP

Max Volume: 0 AMP

Volume (24h) $100.53K


Technical Analysis


The Synereo (AMP) cryptocurrency is on a declining path on the daily chart and seems determined to drop much deeper in the upcoming period. The perspective remains bearish on the daily chart as long as the rate stays below the downtrend line. AMP/USD has developed a Falling Wedge, but this pattern is far from being confirmed.

A reversal signal could appear only after a valid breakout from the Falling Wedge pattern. The crypto has shown little action in the short-term signalling that the bears could be exhausted.


 

You can see on the Daily chart that the rate dropped again after the last two failures to reach and retest the median line (ML) of the major descending pitchfork. You should know that a valid breakdown below the 0.17160910 level will confirm a further drop towards the downside line of the Falling Wedge. A further drop is somehow expected after the failure to reach and retest the upside line of the chart pattern. However, a rejection from here will send the rate at least up to the upside line but is less likely to happen as the crypto market maintains a bearish bias despite the minor rebound.

You can see that the rate was rejected and was sent higher by the sliding parallel line (SL) of the descending pitchfork, but you should know that a valid breakdown will send the rate towards the LML.


Conclusion


The perspective remains bearish for now, so you should stay away until we really have a bullish signal. We may have a great buying opportunity if the AMP/USD rate stays above the SL and if it will manage to take out the downtrend line. Unfortunately, the crypto is under massive selling pressure as it continues to stay near the sliding line (SL).

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