The AMP crypto price may be on the verge of a big bullish breakout after forming a giant double-bottom pattern, and as whale accumulation continues. It dropped to a low of $0.00302 on Monday and then rose slightly to $0.0035.
Whales are Buying the Amp Token
Amp is a major crypto project that enables collateralization for value transfers in the Flexa Network. It ensures instant, verifiable transaction assurances, helping users address key issues like fraud and price volatility.
Amp tokens are first staked in collateral pools to secure a transaction. If a transaction fails or is delayed, the staked Amp can be liquidated to cover the losses, ensuring that the transaction is paid instantly. Data on its website shows that the total amount pooled stood at over $106 million.
On-chain data shows that whales are buying the Amp token after it crashed by double digits from its highest point in December last year. Addresses holding between 1 million and 10 million tokens jumped to 1.98 billion, up from 1.63 billion in January.
Similarly, holders with between 10 million and 100 million tokens increased their holdings to 10.6 billion from 9.95 billion in February. More data shows that the amount of AMP tokens on exchanges has dropped to 13.4 billion from 13.3 billion earlier this month.
Amp Crypto Price Technical Analysis
The daily chart shows that the Amp crypto price has been in a strong downtrend in the past few months. It formed a double-bottom pattern at $0.0030 in April and June.
This pattern’s neckline was at $0.00578, which coincided with the 23.6% Fibonacci Retracement level. A double bottom is one of the most bullish patterns in technical analysis.
Therefore, technicals suggest that the token will bounce back and possibly retest the neckline at $0.0057, which is about 68% above the current level. A drop below the double-bottom point at $0.0030 will invalidate the bullish AMP crypto price forecast.
READ MORE: XRP Price Prediction as RLUSD Stablecoin Nears $500M Milestone
Bitcoin Pepe Presale Gains Momentum
Meanwhile, crypto investors have shifted to Bitcoin Pepe, one of the best-performing presales of the year that has raised over $15.68 million.
Bitcoin Pepe is a crypto project aiming to be the next big thing in the crypto market by disrupting the meme coin industry. Its product will be a layer-2 network dedicated to creating meme coins within the Bitcoin ecosystem.
It will feature a full stack of technologies, including a bridge, a decentralized exchange, a user-friendly interface, and an explorer. This will enable users to easily trade and swap their tokens.
Bitcoin Pepe’s token sale has also accelerated after the developers unveiled BitMart as one of the top exchanges that will list it. They will unveil the next exchange to list it on Monday next week, with many holders hoping that it will be a major player like Coinbase and Binance.
The surge also continued after the developers partnered with Me3, an AI-powered engagement platform for Web3. Bitcoin Pepe is also offering a 30% bonus to buyers. You can buy the BPEP token here.
READ MORE: SYRUP Price Prediction as Maple Finance AUM, Revenue Jump
