Category: Axie Infinity

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Avalanche Axie Infinity Cosmos Crypto News Market Analysis Trading

Top 3 Coins to Watch Today: AXS, ATOM, AVAX – August 22 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 44th cryptocurrency globally and the current price is US$14.39. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS‘s relatively small 20% range could suggest that a recovery is setting up in August. Aggressive bulls could look for entries at the most recent area of support formed near $13.34. However, equal lows near $12.32 make a tempting target for a stop run into this support. This move could reach support near $11.90. 

A decisive move to the downside could run stops below the second set of relatively equal lows near $10.80, possibly reaching support at an old swing high and a daily gap near $10.00.

A recent level near $18.84 provided resistance and caused a swing high to form near $22.88, offering first targets. A move through this high may arrive at new monthly high levels near $24.40 and $26.13.

2. Cosmos (ATOM)

Cosmos ATOM bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains. ATOM tokens are earned through a hybrid proof-of-stake algorithm and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.

ATOM Price Analysis

At the time of writing, ATOM is ranked the 26th cryptocurrency globally and the current price is US$10.60. Let’s take a look at the chart below for price analysis:

Source: TradingView

ATOM has been consolidating in a range around Q1 2022’s high. Q2 2022 saw the start of a smaller range inside this larger range. Near the current price, $10.00 or $8.60 could support at least a small move upward. This area is near the local range low, inefficiently traded, and the site of a stop run.

Just above the current price, the 9, 18 and 40 EMAs may provide resistance near $11.86. This level saw consolidation before last week’s downward move.

A move back toward the local range highs could reach possible resistance near $12.65, where bears rejected the recent rally. This level is just above the May monthly open.

A more extended move by bulls may reach the larger range’s rejection area near $13.81. However, a move this far is less likely unless the overall market rallies.

Below the higher timeframe’s range, $8.25 to $7.80 could provide more substantial support to start a longer-term bullish trend. This level is near the 78.6% retracement of the July 2021 to September 2021 rally, shows inefficient trading on higher-timeframe charts, especially between $7.05 and $6.70, and provides a reasonable stop run target.

3. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is also low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche.

AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 15th cryptocurrency globally and the current price is US$22.83. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX‘s gains in Q2 ended with an almost 80% retracement as the rest of the altcoin market dropped after May. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $27.30.

With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion. 

Near the 40 EMA, a broad zone from $21.35 to $19.30 could see interest from bulls before further expansion. Bears may capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $17.10, and potentially lower to a higher-timeframe support zone between $16.70 and $15.22.

If the higher-timeframe recovery trend resumes and the current resistance near $29.64 breaks, the wicks near $35.14 and the new monthly highs may see profit-taking.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Axie Infinity DeFi Hackers

Axie Infinity CEO Moved $3 Million Before Disclosing Record $622 Million Hack: Report

Trung Nguyen, co-founder and CEO of Sky Mavis, the studio behind the Axie Infinity blockchain game, reportedly moved around US$3 million in cryptocurrencies before the company disclosed the details of a US$625 million hack.

In March, Axie Infinity weathered one of the all-time largest DeFi hacks when the bridge connecting its Ronin network sidechain to Ethereum was exploited. Now Nguyen has come clean on exactly what took place before the hack was disclosed:

Bloomberg analysed blockchain data to discover that a crypto wallet controlled by Nguyen transferred around US$3 million worth of the game’s AXS governance token from the Ronin sidechain to the Binance crypto exchange. Nguyen’s transfer took place just three hours before Sky Mavis disclosed the hack, almost a week after the attack took place.

Funds Transferred From Nguyen’s Own Wallet

According to Sky Mavis representative Kalie Moore:

At the time, we (Sky Mavis) understood that our position and options would be better the more AXS we had on Binance. This would give us the flexibility to pursue different options for securing the loans/capital required.

Kalie Moore, Sky Mavis

Moore added that the funds were transferred from Nguyen’s own wallet so that AXS short sellers “would not be able to front-run the news”. She also dismissed accusations of other motives regarding the nature of the transfer as “baseless”.

The attack on the Ronin network took place on March 23 but was not discovered until March 29. The attackers stole 173,600 Wrapped Ethereum (WETH) and 25.5 million USDC stablecoins, worth US$625 million at the time of disclosure. They used hacked private keys to gain control of five of the network’s nine validators to sign fraudulent transactions and transfer the funds.

All Users Reimbursed

In the wake of the attack, Sky Mavis announced that it had raised US$150 million to facilitate user refunds. All users were reimbursed after the Ronin bridge was reopened.

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Axie Infinity Binance Crypto News Litecoin Market Analysis Trading

Top 3 Coins to Watch Today: BNB, LTC, AXS – July 25 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Binance Coin (BNB)

Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.

BNB Price Analysis

At the time of writing, BNB is ranked the 5th cryptocurrency globally and the current price is US$263.18. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 55% decline from Q2, BNB has ranged between $198 and $270. The recent price recovery was approaching probable resistance near $296 but could be aiming for stops above the relatively equal highs near $326. Continuation of the trend could target the daily gap near $354.

Aggressive bulls might add to positions near $260 and $254. Price action near $240 – if it gets there – may be more likely to provide support during any retracements.

Relatively equal lows clustered around $235 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $219.

2. Litecoin (LTC)

Litecoin LTC is a cryptocurrency designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 20th cryptocurrency globally and the current price is US$58.90. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low last week, LTC kicked off a with recovery trend to break the weekly highs. The following 75% plummet found support near $42.36, sweeping under the 40 EMA into the 63.8% retracement level before bouncing to resistance beginning at $60.73.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $64.12, where aggressive bulls might begin bidding. The level near $70.18, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $78.13. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $50.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $43.65 may also give support and see the start of a new bullish cycle after retesting these support levels.

3. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 39th cryptocurrency globally and the current price is US$17.30. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS‘s relatively small 23% range could suggest that a recovery is setting up in July.

Aggressive bulls could look for entries at the most recent area of support formed near $15.34. However, equal lows near $14.32 make a tempting target for a stop run into this support. This move could reach support near $12.90. 

A decisive move to the downside could run stops below the second set of relatively equal lows near $11.80, possibly reaching support at an old swing high and a daily gap near $11.00.

A recent level near $19.84 provided resistance and caused a swing high to form near $21.88, offering first targets. A move through this high may arrive at new monthly high levels near $23.40 and $25.13.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Australia Axie Infinity Crypto News NFTs Surveys

Australia Ranks 8th in ‘Most Interested in NFTs’, Report

Whether they love ’em or hate ’em, it’s clear Australians are highly curious about non-fungible tokens after ranking eighth globally for NFT interest according to an analysis conducted by online lender CashNetUSA.

Based on Google search volume and Twitter sentiment collected in March 2022, the analysis identified that Singaporeans were most likely to search for information about NFTs. The US, Canada, Hong Kong, Australia and New Zealand also made the top 10 on monthly search volume figures:

Top 10 countries by interest in NFTs. Source: CashNetUSA

A similar exploration of NFT search queries in 50 countries by the NFT Club website in May placed Australia second in terms of interest in NFTs, with Taiwan taking out the top spot.

Australians Positive Towards NFTs, Favouring Axie Infinity

In terms of positive and negative sentiment towards NFTs, CashNetUSA found Eastern European countries were the most passionate on both counts. People in Montenegro were most likely to post pro-NFT tweets, while Twitter users in Poland were most likely to be anti-NFTs. 

A higher number of Australians expressed positive views of NFTs, according to the analysis: for every 1,000 tweets, 539 were found to show “love” for NFTs compared to just 79 expressing “hate”.

Among Australian NFT enthusiasts, the most popular NFT collectible community is Axie Infinity. The Vietnam-origin gaming platform dominates globally when it comes to most-Googled collectibles, ranking first in 112 countries. Decentraland, Sorare, and Bored Ape Yacht Club also featured on the list of popular NFT communities. 

Of course, Australian investors are more likely to feel the love for NFTs when they make gains, like the Aussie owner of a Bored Ape who was being offered up to US$5 million for the NFT he purchased for just US$300.

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Axie Infinity Ethereum Hackers

Axie Infinity’s Ronin Bridge Re-Opens, Set to Compensate Victims of $625 Million Hack

Axie Infinity’s Ronin bridge has re-opened and the company will reimburse all affected victims of the US$625 million hack on March 30, according to a tweet from officials.

The Ronin bridge is a sidechain to the Ethereum network that allowed users to transfer assets between both chains. The re-opening will take place this week, but it will require a hard fork and all validators to update their software and upgrade their nodes:

The company also shared that blockchain security company Certik had audited the Ronin bridge multiple times and came back with minor suggestions.

Important News for the Axie Community

The Axie Infinity community bled after the company’s Ronin bridge suffered the biggest DeFi hack in history, with over US$600 million stolen in just a few hours.

It was later reported that a South Korean hacking group, Lazarus, was behind the hack, according to US authorities, who found out that a sanctioned Ethereum wallet was the same wallet used to receive the stolen funds. The hackers used TornadoCash to launder over 20 percent of the funds.

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Axie Infinity Cardano Crypto News Market Analysis Solana Trading

Top 3 Coins to Watch Today: SOL, ADA, AXS – June 15 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 9th cryptocurrency globally and the current price is US$30.10. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL has retraced 87% from its Q2 highs and reached possible support last week near $26.34. Resistance might begin near $33.64, which has confluence with the 9 and 18 EMAs.

A more substantial rally might reach near the swing high at $37.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.

While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $40.42 and $45.94. This zone is where the last movement down accumulated positions before breaking down. 

Possible support rests near $25.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $23.10 and $20.54. If the price reaches this zone, the Q1 2021 swing high near $17.12 might mark a more sensitive level.

2. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 7th cryptocurrency globally and the current price is US$0.4951. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s near 60% drop during Q2 found a low near $0.4335 during early June before closing over a short-term high.

This daily close over the high could signal a shift in market structure that may reach probable resistance near $0.5915. A sustained bullish move may target the swing high at $0.6322. If this stop run occurs, a run beyond the high into probable resistance near $0.7210 and $0.7719 is possible.

Bulls could buy a retracement to possible support near $0.4570, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.4325. 

However, relatively equal lows near $0.4057 and $0.3922 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.3647 and $0.3552.

3. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 49th cryptocurrency globally and the current price is US$14.05. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS‘s relatively small 20% range could suggest that a recovery is setting up in June.

Aggressive bulls could look for entries at the most recent area of support formed near $13.34. However, equal lows near $12.42 make a tempting target for a stop run into this support. This move could reach support near $11.90. 

A decisive move to the downside could run stops below the second set of relatively equal lows near $11.20, possibly reaching support at an old swing high and a daily gap near $10.58.

A recent level near $17.84 provided resistance and caused a swing high to form near $19.88, offering first targets. A move through this high may arrive at new monthly high levels near $20.31 and $23.50.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Axie Infinity Crypto News DeFi Gaming

Axie Infinity Suffers Another Hack, Discord Compromised

Popular NFT video game Axie Infinity has suffered another hack, this time on the game’s official Discord channel.

According to an official statement, Axie’s MEE6, a popular Discord bot used for automating roles and messaging within channels, was compromised. The attackers used the bot to add “a fake Jiho account, which then posted a fake announcement about a mint”:

Admins’ Accounts Compromised

The MEE6 bot wasn’t hacked as such – the admins’ accounts were. This allowed the attackers to use the bot to feature messages on the channel. While Axie said the messages had been deleted, it advised users to restart their Discord.

This isn’t the first time Axie Infinity’s Discord has been hacked. A few months ago, users on Reddit reported that their MetaMask wallets were compromised after falling for a fake minting announcement. Users had to delete all connections with Axie Infinity within the MetaMask app:

Not the Best Year for Axie

This hasn’t been the best year for Sky Mavis’ Axie Infinity. A month ago, the studio behind the video game revealed that Ronin – an Ethereum sidechain for Axie Infinity – suffered what is to date the biggest DeFi hack, losing US$625 million.

Discord hacks are not uncommon in the cryptocurrency space. A month ago, Crypto News Australia reported how the Bored Ape Yacht Club Discord servers suffered a phishing scam, causing ApeCoin to drop more than 20 percent.

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Axie Infinity Crypto News Market Analysis PancakeSwap SushiSwap Trading

Top 3 Coins to Watch Today: SUSHI, AXS, CAKE – May 18 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. SushiSwap (SUSHI)

SushiSwap SUSHI is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralised exchanges that use smart contracts to create markets for any given pair of tokens. SushiSwap aims to diversify the AMM market and also add features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.

SUSHI Price Analysis

At the time of writing, SUSHI is ranked the 155th cryptocurrency globally and the current price is US$1.34. Let’s take a look at the chart below for price analysis:

Source: TradingView

After retracing nearly 75% from its Q1 highs, SUSHI set a low near $1.22 as it formed its current range.

Last week, the price swept highs near $1.53, which now also marks the previous monthly high. Relatively equal daily highs near $1.60 provide a reasonable target, although resistance beginning near $1.64 could cap the move. A break of this resistance is likely to target the swing high near $1.77 into higher-timeframe resistance beginning near $1.90.

The current area near $1.30 could provide support, although bulls may be more likely to buy near the price fractal near $1.24 if a retracement reaches this level. A break of this area could continue down to sweep the low near $1.13 into possible support beginning near $1.02.

2. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 48th cryptocurrency globally and the current price is US$21.21. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS‘s relatively small 25% range could suggest that a recovery is setting up in May.

Aggressive bulls could look for entries at the most recent area of support formed near $20.34. However, equal lows near $19.42 make a tempting target for a stop run into this support. This move could reach support near $18.90. 

A decisive move to the downside could run stops below the second set of relatively equal lows near $17.23, possibly reaching support at an old swing high and a daily gap near $15.58.

A recent level near $27.84 provided resistance and caused a swing high to form near $30.88, offering first targets. A move through this high may arrive at new monthly high levels near $33.31 and $35.30.

3. PancakeSwap (CAKE)

PancakeSwap CAKE is an automated market maker (AMM) – a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return. PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE, and stake CAKE to earn tokens of other projects.

CAKE Price Analysis

At the time of writing, CAKE is ranked the 44th cryptocurrency globally and the current price is US$4.63. Let’s take a look at the chart below for price analysis:

Source: TradingView

CAKE‘s 75% decline after Q1 created relatively equal lows near $3.56 before bouncing over the local range’s midpoint near $4.60. A bullish altcoin market could help CAKE bulls regain a stronger bullish trend.

Aggressive bulls could look for entries in the daily gap starting near 4.46. The monthly open aligns with more probable support near $4.28. 

A stop run below the monthly open near $4.10 might provide a more favourable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near $3.90, just above the equal lows.

Resistance rests just above, with the zone from $4.95 to $5.37 likely to provide a short-term ceiling. A break through this level might target resistance just under the cluster of relatively equal highs near $5.77. 

Beyond these highs, resistance near $5.89 provides a final challenge before attacking an old daily swing high near $6.52.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Axie Infinity Binance Crypto News DeFi GameFi NFTs

Binance Leads $150 Million Round to Reimburse Ronin Attack Victims

Following last month’s record-breaking hack of the Ronin network, responsible for Axie Infinity transactions, Binance has led a funding round to help reimburse affected users.

According to an announcement this week by Vietnamese gaming studio Sky Mavis, a funding round was led by Binance with other venture capital firms – including Animoca Brands, a16z, Dialectic, and Paradigm – to help reimburse funds lost in the US$625 million Axie Infinity hack.

Community to the Rescue

The hack is the biggest decentralised finance (DeFi) hack on record and has done a lot of damage to the Axie Infinity ecosystem Sky Mavis has created. Axie is the best performing blockchain game in the space, having processed 10 times more all-time volume than the next biggest NFT game.

We have seen the tremendous work and growth of the Sky Mavis team since working together on the Axie Infinity project on Binance Launchpad. We strongly believe Sky Mavis will bring a lot of value and growth for the larger industry and we believe it’s necessary to support them as they work hard to resolve the recent incident.

Changpeng “CZ” Zhao, CEO, Binance

Proceeds of the funding round along with funds on the Sky Mavis balance sheet will be used to ensure that all affected users are reimbursed. According to the post, “The Ronin Network bridge will open once it has undergone a security upgrade and several audits, which can take several weeks.”

The post also stated that “the 56,000 ETH compromised from the Axie DAO treasury will remain undercollateralised as Sky Mavis continues to work with law enforcement to recover the funds”.

If the funds are not fully recovered within two years, it has been decided that the Axie DAO will vote on the next steps for the treasury.

Sky Mavis post

Increasing Ronin’s Security

Following the attack, Sky Mavis started the process of implementing rigorous internal security measures to prevent future attacks.

On March 23, Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes were compromised, leading to the record-breaking hack. With the support of Binance, the Ronin chain has now been able to expand its validator set from 5 to 21 – increasing the security of the network – according to Sky Mavis CEO Trung Nguyen.

There have been only a few cases where affected users were reimbursed, especially in a case as large as this. With Axie being the biggest NFT game, major players have come together to help the project get back on its feet. Last year, Rari Capital also reimbursed up to US$25 million after being hacked.

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Axie Infinity Crypto News IOST Market Analysis Ren Trading

Top 3 Coins to Watch Today: AXS, REN, IOST – April 6 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Axie Infinity (AXS)

Axie Infinity AXS is a blockchain-based trading and battling game that is partially owned and operated by its players. The Axie Infinity ecosystem has its own unique governance token, known as Axie Infinity Shards AXS. These are used to participate in key governance votes and give holders a say in how funds in the Axie Community Treasury are spent.

AXS Price Analysis

At the time of writing, AXS is ranked the 40th cryptocurrency globally and the current price is US$62.28. Let’s take a look at the chart below for price analysis:

Source: TradingView

AXS‘s relatively small 30% range could suggest that a larger move is setting up in April.

Aggressive bulls could look for entries at the most recent area of support formed near $60.22. However, equal lows near $56.12 make a tempting target for a stop run into this support. This move could reach support near $53.67. 

A decisive move to the downside could run stops below the second set of relatively equal lows near $50.23, possibly reaching support at an old swing high and a daily gap near $47.58.

A recent level near $69.84 provided resistance and caused a swing high to form near $75.88, offering first targets. A move through this high may arrive at new monthly high levels near $80.31 and $86.30.

2. Ren (REN)

REN is an open protocol built to provide interoperability and liquidity between different blockchain platforms. The protocol’s native token, REN, functions as a bond for those running nodes that power RenVM, known as Darknodes. REN aims to expand the interoperability, and hence accessibility, of decentralised finance (DeFi) by removing hurdles involved in liquidity between blockchains.

REN Price Analysis

At the time of writing, REN is ranked the 146th cryptocurrency globally and the current price is US$0.4801. Let’s take a look at the chart below for price analysis:

Source: TradingView

REN bulls have enjoyed over 80% returns since Q1 2022, with little resistance above to end the current price discovery.

The price may find support near $0.4256. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near $0.4013. The area around $0.3750 should provide strong support if the price reaches this low.

The air above the current price is thin, but the level near $0.5326 could potentially provide some resistance in the short term. Extensions reaching near $0.5977 and $0.6492 make reasonable take-profit zones if the bullish trend continues.

3. Iost (IOST)

IOST‘s blockchain infrastructure is open-source and designed to be secure and scalable, all in the hope that it will serve as the backbone for online services in the future. One of the biggest challenges that IOST aims to resolve centres on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward as a way of tackling this problem.

IOST Price Analysis

At the time of writing, IOST is ranked the 118th cryptocurrency globally and the current price is US$0.0355. Let’s take a look at the chart below for price analysis:

Source: TradingView

IOST rallied 95% during March and almost set new monthly highs before selling off 30% into its weekly low.

A retest of the monthly open, near $0.03625, started a new wave of selling in early April. The subsequent break of the weekly open created a new area of resistance between $0.04159 and $0.04363 – an area that is also inefficiently traded and has confluence with the 9 and 18 EMAs.

If this resistance breaks, a move toward the monthly highs might find resistance between $0.04074 and $0.04570. Any potential move through this resistance will likely find a ceiling near an inefficient higher-timeframe level at $0.04930.

Old support near $0.03289 created a sharp bullish reaction in late March. This region, down to $0.03074, could provide support again. 

However, a longer-term bottom is more likely to be found between $0.02827 and $0.02690, where higher-timeframe charts show an inefficiently traded area.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.