$AVNT /USDT technical analysis and a recommended trade setup.
$AVNT Technical Analysis:
Massive Price Spike: The chart shows an extreme price surge from $0.8100 to a high of $2.1000, a gain of over 150%. This is indicative of a major market event, such as a new exchange listing or significant news.
High Volume: The price increase was accompanied by an enormous spike in trading volume, confirming strong market interest and participation.
Current State: The price has since pulled back significantly from the high, consolidating around the $1.42 level. This is a normal profit-taking or "sell the news" event after a parabolic move.
Key Levels:
Resistance: $1.50 (current short-term resistance) and $2.1000 (all-time high).
Support: $1.35 (current consolidation low) and $0.8100 (pre-spike low).
Trade Setup (Long Position):
Strategy: Wait for a confirmed breakout from the current consolidation range.
Entry: Place a long entry if the price breaks and holds above $1.50 on strong volume. This signals renewed buying pressure.
Targets:
Target 1: $1.60
Target 2: $2.10 (a retest of the recent high).
Stop-Loss: Place a stop-loss order below the consolidation low at $1.35 to manage risk.
Trade Invalidation:
The setup is invalidated if the price breaks and closes below the $1.35 support level, which could lead to further declines.
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