Market Overview: WAX/Tether (WAXPUSDT) 24-Hour Analysis

Summary
• Price action showed a V-shaped recovery off 0.00761, with 0.00776-0.00784 acting as resistance and support.
• Momentum via RSI and MACD suggested bearish divergence mid-session, but buyers retook control in late afternoon.
• Volume and turnover surged during the 1530–1630 ET rally, confirming the reversal’s strength.
• Bollinger Bands narrowed before the 1530 ET breakout, indicating a potential volatility expansion.
• Key 61.8% Fib level at 0.00778 was tested and held, signaling potential for further upside if buyers persist.

The 24-hour session for WAX/Tether (WAXPUSDT) opened at 0.00774, reached a low of 0.00761, and closed at 0.00771 by 12:00 ET today. Total volume stood at ~25.55 million WAX, with a turnover of $19,571.33.

Structure & Trends

Price action showed a notable V-shaped recovery off the 0.00761 support, where buyers stepped in decisively. A key resistance cluster formed between 0.00776 and 0.00784, which was tested multiple times. A bullish engulfing pattern emerged around 1530–1630 ET, confirming the short-term reversal from bearish to bullish bias.

Momentum and Volatility

RSI dipped into oversold territory in the morning before recovering, while MACD turned positive in the late afternoon, aligning with the price rally. Bollinger Bands tightened before the breakout, signaling a period of consolidation followed by increased volatility.

Volume and Turnover Analysis

Volume surged during the 1530–1630 ET rally, with over 2.86 million WAX traded, and notional turnover peaked at $22,348.67. The volume and price action aligned well, suggesting the rally was supported by strong buying interest.

Fibonacci Retracements

The key 61.8% Fibonacci retracement level at 0.00778 was tested twice and held, suggesting it could act as a pivot for further upside. A break above 0.00784 could trigger a test of the next resistance at 0.0079.

Market participants may see renewed buying interest in the next 24 hours if the 0.00784 level holds. However, a retest of the 0.00772 support could trigger a pullback if buyers falter.