Avantis crypto price targets ATH as open interest soars
Avantis crypto price went parabolic today, Sep. 20, as its volume in the spot and futures market soared.
- Avantis coin price has jumped by over 575% from its lowest level this month.
- The futures open interest has jumped in the past few days.
- Technical analysis points to more Avantis crypto price gains.
Avantis crypto price boosted by rising open interest
Avantis (AVNT) token rose by over 20% and reached a high of $1.3350, its highest point since Sep. 15. It has jumped by over 575% from its lowest level this month, bringing its market capitalization to over $347 million.
The AVNT price has jumped in the past few days, helped by the rising demand from investors. Crypto.news data shows that its 24-hour volume jumped to over $1.1 billion, much higher than its market capitalization of $347 million.
More data shows the futures open interest has continued rising. It jumped to $148 million on Saturday from $105 million a day earlier. Increasing open interest when an asset rises is a bullish sign as it shows more demand.
More traders in the futures market expect the AVNT price to keep rising as the weighted funding rate has remained in the green zone.
Avantis has also had strong fundamentals, with DeFi Llama data showing that its perpetual futures volume has continued rising. It has handled $4.3 billion in volume this month. This means that it will surpass the $4.6 billion it handled in July and the $4.85 billion it processed in June.
The growth will accelerate now that the company is adding more American equities on its platform. It recently added the so-called “magnificent seven” stocks like Apple, Microsoft, and Nvidia, with up to 25x leverage.
AVNT price technical analysis
The two-hour chart shows that the AVNT price bottomed at $0.2045 earlier this month and then embarked on a major bull run. This rebound happened as whales and smart money investors accumulated.
Avantis price has jumped above the critical resistance level at $1.2118, its highest point on Sep. 18. It has also jumped above the Ichimoku cloud indicator and the 25-period moving average. The Relative Strength Index has jumped to the overbought level.
Therefore, the most likely outlook is that the token will rise and reach the all-time high of $1.5845.
