AMP up 20% ahead of Bithumb listing but risks losing momentum
AMP crypto surged by as much as 20% today, ahead of its listing on South Korea’s Bithumb exchange.
AMP (AMP) rose to an intraday high of $0.0041 on April 4, Morning Asian time, while bringing its market cap to over $320 million at the time of writing. The price rally came along with a 140% jump in daily trading volume, hovering at over $32 million.
AMP’s price jump also came with a huge spike in interest from derivatives traders. According to ConGlass, open interest in AMP futures shot up by 736% in just one day, hitting over $3.3 million. The funding rate stayed at 0.0110%, which shows that most traders are feeling bullish and expecting the price to keep rising.
The key catalyst behind today’s move was Bithumb, a major South Korea-based crypto exchange, which announced the addition of a KRW trading pair for the AMP token set at 4:00 PM KST on Friday, April 4, 2025. The altcoin will have an initial price of 5.091 KRW (about $0.0035).
Deposits and withdrawals will open within two hours of the notice, but only on the Ethereum network.
Much of the excitement around AMP is also tied to the rising adoption of the Flexa network, a digital payments platform that enables cryptocurrency payments in retail stores. AMP is used as collateral within the Flexa ecosystem to secure transactions. It can also be staked to support the network and earn rewards.
AMP price analysis
Despite today’s gains, technical indicators suggest that the AMP rally may soon lose momentum.
On the 1-day/USDT price chart, AMP recently broke out of a months-long downtrend, popping out of a falling channel pattern that had been holding it back. In technical terms, that kind of breakout is usually seen as a bullish sign.
However, the 50-day simple moving average has crossed below the 200-day moving average, forming what’s known as a death cross, a pattern that often signals the potential for a prolonged bearish trend.
The Supertrend indicator has also flashed red, suggesting a potential downtrend or strong selling pressure in the market. On top of that, the Chaikin Money Flow Index showed a negative reading, indicating that money is flowing out of the asset, which signals weak buying interest or growing bearish sentiment.
Given these signals, AMP could retrace to its immediate support level at $0.0032. A break below that might push it down further to around $0.0030, a key psychological level and its lowest price since early 2024.
At press time, AMP was exchanging hands at $0.0038 per coin.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
