I was hesitant to share this chart and it is not something I own or am currently trading (I have enough alt exposure). AXS was effected by the Ronin Bridge hack, so there are some real reasons to consider avoiding this ecosystem altogether.
That said, Sky Mavis is refunding anyone affected and nothing has fundamentally changed about Axie Infinity, which made a huge move right before the news, breaking through the key blue resistance with major volume and power.
Sometimes the FUD is a great opportunity to buy a dip that you would otherwise not have seen. Solana had the Wormhole hack and has performed exceptionally well since. This could be a similar case.
We have a clear bull flag forming, with price bouncing off of support at $61.32. Buying that support is one strategy. Buying a breakout of the flag top is another. It depends on how you trade.
Either way, we have a significant breakout (blue line) on volume, a huge move, and bullish consolidation into support. Take the hack and news out of it and this is a good looking chart.
That said, Sky Mavis is refunding anyone affected and nothing has fundamentally changed about Axie Infinity, which made a huge move right before the news, breaking through the key blue resistance with major volume and power.
Sometimes the FUD is a great opportunity to buy a dip that you would otherwise not have seen. Solana had the Wormhole hack and has performed exceptionally well since. This could be a similar case.
We have a clear bull flag forming, with price bouncing off of support at $61.32. Buying that support is one strategy. Buying a breakout of the flag top is another. It depends on how you trade.
Either way, we have a significant breakout (blue line) on volume, a huge move, and bullish consolidation into support. Take the hack and news out of it and this is a good looking chart.
scott.melker@texaswestcapital.com