Axie Infinity is trading 3% higher as of Tuesday press time, building on Monday’s substantial 21% gain and marking a bullish beginning to the week. Retail interest in the gaming token has been reignited by the announcement that a new app token, bAXS, will replace AXS for ecosystem and gameplay rewards. This surge in retail demand has pushed AXS futures Open Interest to its highest level in three years.
The bAXS Reveal Sparks Retail Interest Founder Jeffrey Zirlin announced that the Axie ecosystem will transition gameplay rewards to bAXS, an app-based version of the original token. While bAXS will function similarly to AXS, it introduces a variable fee charged to sellers, which will be directed to the treasury. Designed to stabilize the in-game economy, these fees will be discounted for users with higher Axie scores.
On the derivatives front, the bAXS announcement renewed capital inflows into AXS futures. Open Interest peaked at $189.52 million on Saturday—a significant rise from under $14 million on January 1st. Currently, AXS OI stands at $144.52 million, holding levels last seen in May 2022. This spike in outstanding contracts reflects growing investor confidence in the token.
Technical Outlook: Will the AXS Rally Breach $3?
Axie Infinity is currently maintaining its position above a rising 200-day Exponential Moving Average (EMA). Furthermore, the 50-day EMA has crossed above the 100-day EMA, signaling an improving short-term trend.
To bring the previous high of $3.707 back into focus, AXS needs to decisively clear the 78.6% Fibonacci retracement level at $2.640 (calculated from the May 14 high to the December 17 low).
Daily technical indicators support a bullish bias following the recent price rally. The Moving Average Convergence Divergence (MACD) line is positioned above both the signal line and the zero mark, accompanied by a modestly positive histogram, which suggests buyers retain momentum. Meanwhile, the Relative Strength Index (RSI) is bullish at 65, sitting just shy of overbought territory.
AXS/USDT Daily Chart Analysis Should a price retracement occur, immediate support is located at the 200-day EMA ($1.807). Further downside protection is provided by a broader base, underpinned by the 50-day EMA at $1.501 and the 100-day EMA at $1.468.