Avantis Token Surges as Investor Interest Spikes
On September 20, Avantis’ (AVNT) cryptocurrency experienced a dramatic surge, with both spot and futures markets witnessing considerable activity.
AVNT price has skyrocketed, marking a 575% increase from its lowest point this month. It peaked at $1.3350, its highest value since September 15, giving it a market cap of over $347 million.
The sudden rise is partly due to heightened investor demand. The 24-hour trading volume soared to $1.1 billion, substantially larger than its current market cap.
Data indicates the futures open interest increased to $148 million on Saturday, up from $105 million the previous day. This suggests growing bullish sentiment among futures traders.
Avantis’ strong fundamentals contribute to this bullish trend.defi Llama data reveals that its perpetual futures volume has risen to $4.3 billion this month, set to eclipse prior months’ figures. adding popular American equities like Apple and Microsoft with up to 25x leverage enhances its appeal.
Technical Analysis Points to Further Gains
The two-hour chart of AVNT shows the token bottomed at $0.2045 earlier this month. It then surged as savvy investors accumulated. The price breached key resistance levels, including $1.2118, and moved above significant indicators like the Ichimoku cloud and the 25-period moving average.
The Relative Strength Index is in the overbought territory, hinting at continued upward momentum. Analysts predict AVNT could potentially hit an all-time high of $1.5845.
