Avalanche price analysis: Bears force AVAX into a short-term downswing to $16.81

Recent Avalanche price analysis shows that the bears have forced AVAX into a short-term downswing. The price is currently trading at $16.81 and it looks like it may continue to fall further in the near term.

Timeline of Avalanche

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A crypto trader on GMX exchange leveraged the zero slippage feature to extract over $565,000 in profit by manipulating the price of the AVAX token. The post Crypto trader exploits GMX, manipulates AVAX price to remove $565K appeared first on CryptoSlate.

Decentralized exchange GMX suffered a price manipulation on the AVAX/USD pair, resulting in losses of $565,000.  AVAX/USD Pair Exploited  As per a tweet on Sunday by security firm PeckShield, the exchange was attacked by a price manipulation exploit worth around $565,000 on the AVAX/USD pair.

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Today marks a bearish day for Avalanche price analysis as the price went all the way down to $16.79 from yesterday's closing price of $18.47. AVAX/USD is undergoing significant volatility today and is following the overall sentiment of the market.

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Avalanche price analysis reveals that the market is in a bearish trend as prices constantly fall. There is some support for AVAX prices around $17.72 but it looks like it won't be enough to stop the fall.

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AVAX had time to recoup from June to July and then in August, the token slipped and formed a bullish cup and handle pattern. AVAX intraday trading volume indicates a 38.7% plunge Avalanche sellers successfully reclaimes the 20-day EMA slope Trading volume skyrockets to 487 million Now, the pattern which can be spotted at the market bottom will serve as a feasible launchpad for the crypto's recovery but in order to complete the pattern, the coin price should barrel past the $30.6 key resistance.