Why Is Avantis (AVNT) Up 4% Today?

Avantis Price Prediction: Why AVNT Hit All Time High

Avantis (AVNT) has been ripping in the crypto market as it registered a new all-time high only to retract to a consolidation zone. This elevated activity is a pointer to a greater interest from investors in the Base-blockchain-powered perpetual exchange. 

Most importantly, the question debated by traders is whether the recent rally can be sustained or will face a cooling-off period. AVNT is at a critical point of inflection, where volumes have been soaring and new exchange listings are in demand.

From a chart analysis by analyst Greeny, Avantis has been peaking at around $2.67 in the recent past before it reverted to the 0.236 Fibonacci level at $2.2934. This support zone, being a historical pivot, has often been the line to either continuation or further pullbacks. 

AVNTUSDT 2-H CHART | SOURCE: X

Furthermore, the token can re-take its shape before another strong drive to its heights in case buyers manage to protect this level. Nonetheless, going below it might put the asset prone to the Fibonacci levels of 0.382 and 0.5, at which stronger accumulation would be observed.

In addition, movement indicators are not consistent since momentum is slowing on the longer date periods, which is consistent with the rising wedge formation that is typically resolved on the downside. The current ATH of $2.66 is facing resistance while RSI nears an exhaustion level of 70. 

However, in the short run, AVNT would be better in sentiment towards consolidation, rather than capitulation, but cautious traders also need to be aware of any unexpected volatility.

Exchange Listings, Airdrops, and Integrations Drive Avantis’ Explosive Rally

The previous rally was facilitated by a growth in the trading volume as the daily volume rose by 120% to $7.24 billion. This necessitated a high need among the investors, while noting that the market capitalization grew by nearly $618 million over a week. 

Also, listings on Binance and Coinbase, along with Binance announcing an airdrop of 10 million tokens, gave the rally an extra boost. Math Wallet has further been incorporated, and this has ensured that accessibility has become easy for the retail players and enhanced adoption.

SOURCE: X

Avantis Faces Support Test Amid Utility Expansion

The high use of the product outside speculation is dependent on Avantis products, which include up to 500x leverage, are managed by AVNT token, staked, and exposed to metals and fiat currencies. 

More so, liquidity is an important force, particularly because of its 1 billion maximum supply, of which only 258 million are in circulation. This brings a short-run scarcity of the token, although future unlocks to stake and early participants are a threat.

AVNT is in a strategic position for the future. Maintaining the position above the $2.29 gap would enable the bulls to relax and make another effort to reach $3. Meanwhile,  any loss of this position would see the way open to $2.05 or even $1.80.