AXS has been showing a strong upward trend since the beginning of this week. It rose 21% last Monday, and the upward momentum continued on Tuesday, seemingly driven by the announcement of the new app token bAXS, which has once again attracted market attention. Not only in the spot market but also in the futures market, activity appears to be picking up.

Looking at the open interest of futures contracts(OI), it surged from less than $14 million in early January to $189.52 million last week. Currently, it has rebounded to around $145.52 million, the highest level since May 2022. This indicates how active short-term capital inflows and leverage positions are. The announcement of bAXS has effectively acted as a catalyst for supply and demand.

bAXS, announced by AXS founder, is a version of the existing AXS token converted into an app token, with variable transaction fees applied. It aims to address in-game economic issues while maintaining the token mechanism. This update seems to be an effort to make the ecosystem sustainable.

Technically, AXS is well supported above the 200-day moving average. The short-term 50-day moving average is above the 100-day, indicating a positive short-term bias. The current price is $1.54, with the first resistance around $2.640. If this level is broken, there is analysis suggesting a potential retest up to $3.707, along with a breakout. Momentum indicators also show a buying advantage, suggesting the short-term upward trend could continue.