AXS GOES FLYING! WHAT'S NEXT?

31 mar 2022

Hey! hope everybody is doing well today. For today's Idea it'll be a bit short since I'm a bit low on time but without further wait let's start and thank you for joining today!

Technical:

To start we're gonna look at the technical. And first things first, support. AXS has managed to find strong support at the $45 mark whenever it has reached that level since the end of January throughout this tumultuous market period. Based on that we can be pretty confident that we've established a strong support zone at the mid 40's range. AXS was in a falling wedge for a few months before it was broken out of by which we saw the massive pump at the beginning of February followed by a massive dump back down. Since then AXS has been in an Ascending Triangle along with most of the crypto market and in essentially the past week it has rocketed from $51 to a high of $73 before it bounced back at $62 now sitting at $67.90. Soon enough we should be looking at pre-February levels but as it is right now, we've gotten enough luck for AXS to come back up this quick. Though don't expect things to be smooth sailing up and up. We could definitely see one more pullback like we saw at the start of February in the pump and dump so don't go heavy in positions and expect heavy volatility this week as the market looks to gauge crypto's current position and strength this week. If we're here to talk long term, then AXS is a good buy with us having broken out of the downtrend we've been facing as we'll as finally seeing this Ascending Triangle exit. We've got a lot of good stuff ahead of us, but definitely expect a lot of volatility this week.

Important to note:

AXS gets hacked Hackers breached the Ronin network which is used for the Axie Infinity blockchain-based game, stealing more than $620 million in ether and $25.5 million in stable coins leading to one of the biggest breaches to date by a crypto network. Sky Mavis which is the Vietnamese tech company behind the game Axie-Infinity noted that only Ether as well as USDT were taken and none of the games actual tokens we're stolen. Since then the Ronin Bridge as well as the Katana Dex have been halted and Binance has disabled it's bridge to Ronin as well currently as a precautionary measure. The Sky Mavis owner however has promised that the company is looking for the most viable and soonest option to reimburse lost funds to those users affected by the hack though that can't always be a guarantee but since then it has caused AXS to pump.

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• The network is protected by a validator system however the attacker hacked 5 of the validator wallets and was able to use the validator keys to forge fake withdrawals. Even with the four validator's the attacker would not have been able to access the funds. However the attacked managed to find a backdoor in their RPC node which is gas free, though this they were able to abuse the backdoor and use it to get a signature for the Axie DAO validator through which they were finally able to access and withdraw the funds. This goes to show that even with all the security and the use of validators, attackers will always look for a way and usually will find some sort of 'gap' or 'hole' which they can exploit. We are in a new age of technological advancements and with such we will have a few hiccups along the way, but from each more and more exchanges and networks will know how to better protect their funds and tokens. Don't let one or two hacks get to you, with progress must come some difficulties. But eventually, everything works out.
  

Closing

Thank you for tuning in today and I hope you have a great day! Please follow and leave a like or share as anything is truly appreciated! I do my best with these and try to keep you guys as informed as possible! Please be sure to check out my other ideas if you'd like for some more detailed info on how the market's looking. Thank you again and stay tuned for more!

~ Rock