The AXS token has been making headlines with its recent surge in price! Let's break down what's been driving this sudden move:

1️⃣ Oversold Conditions: AXS recently reached levels that indicated it was heavily oversold, sparking a technical rebound. The token’s Relative Strength Index (RSI) dropped to a low of 21, which often signals a buying opportunity for traders looking for a bargain!

2️⃣ Short Squeeze Rally: A significant factor behind this price jump is an unexpected short squeeze. Many traders were betting against AXS, and as the price started rising, these short positions were forced to close, adding fuel to the rally! This short liquidation caused a sharp increase in the token's value, with around $798,420 worth of short positions liquidated in just a few hours.

3️⃣ Increased Trading Volume: The excitement around AXS didn’t just end with the short squeeze. The trading volume skyrocketed by over 343%, crossing the $100 million mark as more traders joined the market to capitalize on the gains. This surge in volume shows growing interest and momentum around AXS, driving prices even higher.

4️⃣ Market Sentiment: Although there hasn't been any specific news or major announcement from Axie Infinity itself, the overall positive sentiment around gaming tokens and the crypto market seems to be supporting the current trend for AXS. Traders are eyeing the potential for further gains if this momentum continues!

📈 What's Next for AXS? Will this rally continue, or are we in for a cool-down period? Share your thoughts! 👇

💬 What do you think will have a bigger impact on AXS's price—more technical factors or upcoming developments in the Axie Infinity ecosystem? Let me know in the comments below!

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