- Pyth network partnership and Upbit listing push Avantis price up 50% to $1.50.
- Support and resistance levels for AVNT rally are set by VWAP and Fibonacci respectively.
- Leveraged traders create strong bullish momentum as futures volume jumps 144%.
Avantis (AVNT) price sharply increased after listing on Upbit, the most popular digital asset exchange in South Korea. The short-term target based on buying strength is now $1.50.
Rally Fueled By More Than Listing
The coin rose by over 50% in a single day, to trade above $1.22. As the exchange opened AVNT pairs with Korean won, Bitcoin, and Tether, traders jumped in to take advantage of the new listing momentum.
Avantis also announced a partnership with Pyth Network. This will see AVNT serve as decentralized price feed on more than 100 blockchains.
This development positions AVNT as a key tool for providing decentralized price data and leverage options across multiple blockchains. With supply capped at one billion, scarcity adds to the demand narrative.
AVNT Overcame Several Resistance Levels
The TradingView data indicate the token rose from a low of $1.05 to the high of $1.268. Even though it is currently consolidating around $1.22, it remains above the volume-weighted average price (VWAP).
VWAP levels highlight strong support at $0.983, a confirmation of buyer strength at $1.139, and the next crucial resistance at $1.294.
The trend indicates that buyers are keeping the price at these levels. If momentum holds, it can reach the Fibonacci extension area of $1.50. The $1.60 is the next upside target afterwards.
Fib. and VAWP. Source: TradingView
Also Read | Avantis Price Spikes as Whale Accumulation Strengthens AVNT Momentum
Strength and Risk from Momentum Indicators
RSI is at 73.85, a level that can be described as overbought. This is an indication of intense purchases, and it increases the probability of short-term corrections.
The bullish bias is supported by the Moving Average Convergence Divergence (MACD). MACD lines are not downwards, and the signal indicates that it is upwards driven. Although overbought conditions are likely to cause a decline, the indicators suggest that the overall upward direction remains intact.
This means that traders will anticipate a few delays before the next leg higher, provided support levels are not breached.
RSI and MACD. Source: TradingView
Derived Data Support The Bullish Case
Coinglass data shows that Avantis futures volume increased to $5.54 billion after jumping 144%. The open interest increased by 68% to $138.98 million, which indicates an increase in leveraged positions. The spike proves that speculative demand is rising as traders expect an overall increase in price.
Spot and futures volume indicate that institutional and retail traders are showing significant interest in the coin.
Source: Coinglass
More Than Price Action And Derivatives
Poor performance above $1.20 is likely to result in price corrections, with the $1.10 level the next crucial support. With the coin’s price holding above key VWAP levels and futures activity rising, the next target for Avantis is now $1.50. Sharp swings may continue, but strong trader demand suggests the rally suggests that the rally would likely continue.
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