Ampera’s AMP token has seen a dramatic turn of events, gaining 62% in the past 24 hours, riding a wave of increasing whale activity and market activity. On Wednesday morning, the altcoin’s highest point was $0.0133, up 330 percent from its bottom this year. This sent AMP’s market cap past $1 billion for the first time since more than two years ago, to $978 million at the time of writing.
AMP’s rally occurred as daily trading volumes surged 750% to $601 million, with the token gaining steam on Google Trends as retail interest deepened.
Whale Inflows Push AMP to New Heights
Three key factors have been identified as catalysts for AMP’s recent meteoric rise:
AMP’s performance tracks with the overall altcoin market parrot, with high-performing cryptocurrencies Binance Coin (BNB) and Tron (TRX) rising 17.6 percent and 68.8 percent, whereas Bitcoin merely gained 1.4 percent.
Zcash’s wallet app, Zashi, is now integrated into the digital payments platform Flexa, which uses AMP as collateral. Together, this gives users the ability to make purchases in Flexa-enabled stores in the U.S. with the ability to purchase but not show wallet or currency details, increasing demand for AMP as collateral.
According to data from IntoTheBlock, whale activity spiked on December 3 – net inflows rose by over 150% from a $186K outflow on December 2 to inflows of $473K. This is a new injection of interest by large investors, driving market confidence.
On the technical side, AMP has been hammering over its 50-day and 200-day Simple Moving Averages (SMAs) and continues to hold its dominance as the continuing bullish trend. The company is going to see a ‘golden cross’ as the 50-day SMA crosses above the 200 day SMA, a bullish indication.
Measures of the upward trend are also confirmed by the Moving Average Convergence Divergence (MACD) indicator with the MACD and signal line also moving above zero.
Javon Marks, analyst, speculated for AMP to hit a high of $0.07048, a 470% increase on its current price. As long as the current momentum is in place, AMP could become a barrier breaker, drawing in both retail and institutional interest.
This comes as the altcoin space is heating up, and AMP’s rise indicates that the utility, strategic integration, and whale accumulation of the altcoin is working.
