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Altcoin season ahead? As Ethereum-based tokens take over?
Despite the altcoin leader, Ethereum priceShowing a bearish influence in price action, Ethereum-based tokens have seen increased price volatility on their respective charts over the past week, indicating an increase in price action for these altcoins in the cryptocurrency market.
AMP price recorded a 28.53% increase over the past day, making it the industry’s best gainer among the top 500 tokens. On the other hand, the price of Wormhole recorded a jump of 13.52% during the same period, indicating a bullish outlook for these tokens in the coming times.
AMP Price Analysis:
THE Price AMP has shown a neutral trend, trading in an established range between $0.0017 and $0.0065 for the first two months. Subsequently, the altcoin recorded a 157.19% jump in its value and successfully recorded a new yearly high of $0.01295 in the month of March.
TradingView: AMP/USDT
After this, the AMP token it traded under bearish influence for a short time, resulting in the token testing its low of $0.006595. On the positive side, AMP price recently recorded a bullish breakout with its 50-day EMA showing a bullish crossover, indicating positive price action in the coming times.
The technical indicator, MACD, is showing a rising green histogram, indicating an increase in excessive buying pressure in the crypto space. Furthermore, the averages show a bullish increase, suggesting that the price will continue to gain value in the coming times.
If the market pushes the price above the $0.00910 resistance level, the bulls will regain momentum and prepare to test its upper high of $0.0125 during the next week. However, the bearish price action could push the price towards the low of $0.006595 in the coming times.
Wormhole Price Analysis:
Despite increased price volatility in the cryptocurrency sector, Wormhole price continues to show weak price action, trading in a closed range between $0.50 and $0.710, indicating growing investor disinterest in it.
TradingView: with USDT
However, the SMA serves as support on the price chart, highlighting mixed sentiment in the cryptocurrency industry for the altcoin.
The Relative Strength Index (RSI) shows a sharp decline on the chart, indicating a strong bearish influence in the cryptocurrency sector. Furthermore, the averages show a high possibility of bearish convergence on the 4-hour time frame, suggesting a negative outlook for the altcoin this week.
If the bulls regain momentum, the W price will prepare to test its $0.90 upper resistance level by next weekend. On the contrary, if the bears get the better of the bulls, the price will lose momentum and fall towards the $0.50 support level in the coming times.