Avantis (AVNT) continues to decline as bearish sentiment prevails in the market. Over the last 24 hours, the market value of AVNT declined by 7.87%, and since the week also started on a negative note, the weekly performance of AVNT stands at a loss of 1.09%.
Currently, AVNT is trading at $0.3570, and its trading volume over the last 24 hours is approximately $49.09 million, showing a decrease of 55.65%. Its market capitalization is now at $92.19 million, after showing a decrease of 7.31%.
Source: CoinMarketCap
Also Read: AVNT Faces Major Setback: Can It Overcome the Bearish Downturn?
AVNT Price Setup Suggests Potential Toward $0.56
The crypto analyst, Crypto Pulse, emphasized that the daily chart of AVNT is showing a corrective rally in a bearish market. AVNT gave a strong reaction at the $0.25-$0.27 low level, indicating short-term demand. However, it is not an all-out bullish market. This should be classified as a corrective rally until major resistances are encountered.
The first upside target would be around $0.40, and then a stronger level of resistance will be between $0.45 and $0.48, which has previously been a strong support area. Crossing $0.48 with volume on the daily charts will confirm the bullish trend.
Source: @CryptoPulse_CRU
However, if the break at $0.48 is successful, the final target on the charts would be at $0.56, corresponding to a previous supply and reaction level. This would be the final major target on the upside. A rejection at the level of $0.56 is a possibility, unless there is supporting momentum and volume.
Technical Indicators Suggest Bullish Breakout Ahead
From the technical perspective, the RSI (14) is approximately 52, which is down from the 60-65 range. This indicates that momentum is restored, but not on the bear side. Also, since it is above the 50 level, it means that market momentum is still under the control of the buyers.
Source: TradingView
The MACD maintains a bullish bias, given that the MACD line is above the signal line and the histograms are green. The expanding green bars illustrate that the momentum continues to build, despite the red candle appearing in the current period. There is no bearish crossover.
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