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The Avalanche price climbed 15% in the last 24 hours to trade for $25.68 as of 1:45 a.m. EST as trading volume jumped 65%.
It comes after the conclusion of the Platypus debacle after hackers who attacked the stablecoin project on the Avalanche [AVAX] network were acquitted by a French court.
Platypus Finance Hackers Acquitted! A French court clears those accused of the $8.5 million hack on the Avalanche blockchain. 'Ethical Hacker' defense prevails, highlighting the legal complexities of crypto exploits. 💻 #PlatypusFinance #CryptoSecurity #LegalTech #EthicalHacking pic.twitter.com/k0adw4LZKN
— Khám phá vũ trụ | Khoa học vũ trụ | Bí ẩn vũ trụ (@kham_pha_vu_tru) December 5, 2023
The case raised a lot of concern, as it involved a significant security breach in the decentralized finance (DeFi) space. It was a flash loan attack, which resulted in losses reaching $8.5 million, causing a decline in the Weighted Sentiment around AVAX.
Among the bad actors, Mohammed M. Benamar leveraged a coding vulnerability to illegally withdraw 8.3 million euros from Platypus’s crypto pool. His arrest followed a tip-off from Binance exchange.
Specifically, the concerns were about the security of smart contracts, with the turnout affecting Avalanche’s market sentiment.
Benamar’s acquittal followed a unique defense, presenting himself as an ethical hacker with intentions to return the funds for a “bonus” from the company. This presentation made the case rather complex, blurring the lines between legal consequences and the bad actor’s purported noble intentions.
Meanwhile, Avalanche price is trading with a bullish bias after activating a falling wedge pattern during the early November trading sessions. This technical formation is a reversal pattern marking the end of a downtrend. It occurs when the price of the asset moves in an overall bullish trend before the price action corrects lower.
Within this pullback, two converging trend lines are drawn. The consolidation part ends when the price action bursts through the upper trend line or wedge’s resistance. This kicks off the uptrend.
Avalanche Price Outlook With AVAX Reeling From Declined Weighted Sentiment
Since the break out from the bullish chart pattern, the Avalanche price is up almost 80% with the potential to soar higher. This is because despite AVAX being massively overbought, the Relative Strength Index (RSI) remains northbound, meaning momentum is still rising.
Also, the Awesome Oscillators (AO) indicator is in the positive territory with green histogram bars to show the bulls are leading the AVAX market.
Increased buying pressure above current levels could see Avalanche price extend the gains north into the supply zone stretching from $26.56 to $29.34. A break and close above the midline of this order block at $28.08 will confirm the continuation of the trend.
In a highly bullish case, the gains could extrapolate for Avalanche price to flip the supply zone to a bullish breaker, potentially using it as the jumping-off point to target the $32.08 resistance level.
In highly ambitious cases, the gains could extend for the price to draw towards the Fair Value Gap (FVG) effectively abiding with the magnetic pull of this insufficiency before a possible correction.
However, on the highly unlikely chance that the FVG fails to hold as a resistance block, Avalanche price could break past it, flipping its midline (consequential encroachment) into a supply zone before a continued move north. This could see AVAX market value hit $50.00, standing 92% above current levels.
Converse Case
On the flip side, if the supply zone holds as a resistance block, Avalanche price could face a rejection, sending it south to test the $20.00 psychological level. In the dire case, the slump could extend for AVAX to test the $15.84 support, or lower, falling back into the fold of the descending channel. Such a move would invalidate the bullish thesis.
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