As a result of the AMP integration error, Cream Finance has identified a loss of nearly $19 million for users.
An investigation report of the AMP flash loan exploit has been published by Cream, which promises to replace the stolen Ether (ETH) and AMP tokens by allocating 20% of all protocol fees until the debt has been fully repaid. In order to secure the debt. Cream will also post collateral with AMP and its creators, the Flexa digital payments network.
A report found that the latest flash loan exploit was the first time Cream Finance suffered a direct attack, losing 462 million AMP tokens and 2,800 ETH. Cream discovered the glitch was due to a bug in the way the protocol integrated AMP, with assistance from blockchain security firm PeckShield. Although unfortunate and disappointing, we accept responsibility for the error, Cream said. Let us look at the technical analysis now.
The current price is $0.051, which is up by 1.44% in the last 24 hours. AMP traded between $0.050-$0.051 in the last 24 hours.
MACD and EMA lines are below the zero range, and there is a bearish crossover on the chart, suggesting the selling pressures are high on this horizon.
The RSI is on the 42.17% mark, and it is making an uptrend on the chart. It took support at 39.86% and is pushing up on the chart, the buying pressures are approaching the market, we might expect the price to increase.
On the daily chart, OBV is making an uptrend suggesting the volume of AMP is increasing.
The AMP price successfully broke its recent high at $0.05, it is near its crucial resistance level that is formed at $0.06. At this level, if the buying pressures increase, the price will break out the resistance. Traders can take a long position accordingly.
However, if the price breaks down from its support level, that is the current level. It will highlight the next support level at $0.05. A breakdown from this level will confirm the bear trend in the coin.