Avantis crypto price remained in a tight range on Friday morning, even after it was listed by Robinhood, the popular American platform. AVNT was trading at $0.5165 today, a range it has been in the past few months. This price is about 81% below the highest level this year.
Robinhood Lists Avantis
Avantis was one of the most trending cryptocurrencies after Robinhood announced its listing. This listing is notable as it now makes it available to millions of American users. Historically, crypto prices rise when they are listed by a major platform like Robinhood.
AVNT price likely reacted mildly to this news because of the ongoing crypto market crash that has affected Bitcoin and most altcoins. Bitcoin price already dropped below the support at $100,000, triggering a sell-off among other tokens.
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On the positive side, there are signs that the Avantis network is doing well as it. aims to become that biggest player in the perpetual DEX industry. Data compiled by DeFi Llama shows that the total value locked (TVL) in its network jumped to $112 million, up sharply from the October low of $18.7 million.
Additionally, it had a solid performance in October, when it processed the platform had its best month in October when it handled volume worth over $15.8 billion, up from $8.2 billion in the previous month. The volume has been on an upward trajectory from a bottom of $350 million in March this year.
As a result, Avantis Network had its best month in terms of fees. It made a record $4.3 million in fees in October, up from $2.1 million in September. It has made $890k this month so far this month.
The perpetual futures industry has become highly competitive, with companies like Aster, Hyperliquid, and Lighter competing to capture market share.
Avantis Price Technical Analysis
AVNT price chart | Source: TradingView
The 12-hour chart shows that the AVNT price has dropped from the year-to-date high of $2.68 in September to $0.5145 today.
On the positive side, the token has formed a double-bottom pattern at $0.4668 and a neckline at $0.8825. This pattern normally leads to more upside over time.
The coin also seems to be in the accumulation phase of the Wyckoff Theory. Therefore, it will likely have a strong bullish breakout, initially to the key support level at $0.8758. A move above that level will point to more gains over time.
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