Increased Price Volatility for Ethereum-Based Tokens in Crypto Market: AMP and Wormhole Price Analysis
Despite the altcoins leader, Ethereum price, displaying a bearish influence in its price action, the Ethereum-based tokens have recorded increased price volatility in their respective charts over the past week, indicating an increase in the price action for these altcoins in the crypto market.
The AMP price has recorded a jump of 28.53% within the past day, making it the top gainer of the industry in the top 500 tokens. On the other hand, the Wormhole price has recorded a jump of 13.52% during the same time, indicating a bullish outlook for these tokens in the coming time.
AMP Price Analysis:
The AMP price displayed a neutral trend by trading in a consolidated range between $0.0017 and $0.0065 for the first two months. Following this, the altcoin recorded a jump of 157.19% in its value and successfully recorded a new yearly high of $0.01295 during March.
After this, the AMP token traded under a bearish influence for a brief period, resulting in the token testing its low of $0.006595. Positively, the AMP price recently recorded a bullish breakout with its EMA 50-day displaying a bullish crossover, indicating a positive price action in the coming time.
The technical indicator, MACD, displays a rising green histogram, indicating an increase in the buying-over-selling pressure in the crypto space. Furthermore, the averages show a bullish rise, suggesting the price will continue gaining value in the coming time.
If the market pushes the price above the resistance level of $0.00910, the bulls will regain momentum and prepare to test its upper high of $0.0125 during the upcoming week. However, bearish price action may pull the price toward its low of $0.006595 in the coming time.
Wormhole Price Analysis:
Despite increased price volatility in the cryptocurrency industry, the Wormhole price continues to display a weak price action by trading in a closed range between $0.50 and $0.710, indicating a rising disinterest of investors in it.
However, the SMA acts as a support to the price chart, highlighting a mixed sentiment in the crypto space for the altcoin.
The Relative Strength Index (RSI) shows a sharp decline in the chart, indicating a strong bearish influence in the crypto space. Moreover, the averages display a high possibility of a bearish convergence in the 4H time frame, suggesting a negative outlook for the altcoin this week.
If the bulls regain momentum, the W price will prepare to test its upper resistance level of $0.90 by the upcoming weekend. Conversely, if the bears overpowered the bulls, the price would lose momentum and fall toward its support level of $0.50 in the coming time.
Overall, despite the bearish influence on Ethereum price, the Ethereum-based tokens like AMP and Wormhole are showing signs of bullish momentum, indicating potential price increases in the near future for these altcoins in the crypto market.
