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AXS this wave of market movement is indeed worth analyzing. In 24 hours, it surged from 1.119 to 1.522, an increase of over 34%, now steady around 1.51. I looked into the funding data, and interestingly, the open interest and price trend are highly synchronized, especially when breaking through 1.4, with active buy orders clearly increasing. This doesn't quite resemble the quick in-and-out tactics of retail traders.
The long-short ratio on the big players' side has been consistently leaning bullish, with selling pressure mainly coming from retail traders who chased the high earlier and are now cashing out. Large funds haven't really moved much. This is quite interesting.
From a technical perspective, there's no need to overcomplicate things. The moving average system has fully shifted to a bullish trend, and the MACD momentum is still expanding. The range from 0.899 to 1.2 has been tested multiple times, providing quite solid support. Rather than saying this is driven purely by sentiment, it seems more like a breakout after accumulation.
More importantly, the chain gaming ecosystem has recently been warming up. Several new games launched within the AXS ecosystem have boosted user enthusiasm, and the token deflation mechanism is gradually being implemented. These are tangible support points. When fundamentals align with the market, the trend tends to be more coherent than pure emotional speculation.
My trading approach is simple: as long as the support zone at 1.4-1.45 isn't broken, I will continue to hold long positions. But if it really drops below 1.3, I will cut losses first and wait for the market to stabilize before re-entering.