AXS has been quite strong over the past few days. It reportedly rose 21% on Monday, and Tuesday continued the upward trend as well. I looked to see if there was any catalyst or something behind it, and it turns out there was an announcement about introducing an app token called bAXS. This seems to have had a fairly positive effect on the market. The plan is to provide ecosystem rewards with bAXS instead of the existing AXS, and with a variable fee mechanism introduced, it appears they’re aiming to normalize the in-game economy.

What’s even more interesting is the reaction in the derivatives market. Futures open interest has truly exploded. Back in early January, it was under $14 million, but now it has surged to around the $140 million range. This level hasn’t been seen since May 2022. A sudden jump like this in OI means short-term traders and leveraged positions have increased, and ultimately it’s a sign that market attention has returned.

Technically, things don’t look too bad either. It’s been holding steadily above the 200-day moving average, and the short-term moving averages are also fairly well aligned. With the 50-day moving average staying above the 100-day, short-term momentum is still alive. It’s currently around $1.41, and $2.64 looks like the first resistance. If that level breaks through, a retest of $3 also seems possible. The daily MACD is above the zero line, and the histogram remains in the positive, so the situation still looks like buying dominance is continuing. The RSI is at 65, which is bullish, but it’s right near the overbought boundary, so a pullback could occur. If it falls, the key support would likely be the 200-day moving average at $1.807.