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

Summary
• Price drifted lower through 0.00795, failing to reclaim key resistance.
• Volume and turnover aligned with bearish momentum, suggesting weak follow-through demand.
• A potential 50% Fibonacci retracement zone between 0.00786 and 0.00790 is showing consolidation.
• RSI and MACD suggest overbought levels were rejected, signaling a pullback could continue.
• Volatility remains compressed within Bollinger Bands, hinting at a possible breakout.

Market Overview

WAX/Tether (WAXPUSDT) opened at 0.00796 on 2025-12-15 at 12:00 ET, reached a high of 0.00797, and closed at 0.00795 on 2025-12-16 at 12:00 ET, with a low of 0.00775. The total volume was 9,281,317.0 with a notional turnover of 7.33.

Structure and Formations

Price tested key resistance levels at 0.00795 and 0.00797, failing to hold above. A bearish engulfing pattern formed at 0.00795, reinforcing a potential short-term reversal. A doji near 0.00795 at the 23:45 window signaled indecision and weakening bullish conviction.

Volatility and Bollinger Bands

Volatility remained constrained within Bollinger Bands, with price hovering near the midline. This compression may precede a breakout or continuation of sideways trade.

Momentum and Fibonacci

RSI reached overbought levels around 0.00795 but failed to sustain above 50, reinforcing bearish bias. MACD showed a bearish crossover, aligning with weak momentum. Price consolidation near the 50% Fibonacci retracement level between 0.00786 and 0.00790 suggests a potential pivot zone.

Looking ahead, WAXPUSDT may test support near 0.00785–0.00786 over the next 24 hours. Traders should monitor volume spikes and price action near 0.00790 for potential reversal or breakdown signals.