Market Overview for WAX/Tether (WAXPUSDT): 24-Hour Price Reversal and Key Levels

• WAXPUSDT tested and held the $0.0198 support, rebounding with a bullish reversal candle.
• Price surged to a 24-hour high of $0.02003 amid rising volume and tight consolidation before retracing.
• RSI and MACD signaled overbought conditions, followed by bearish divergence.
• Volatility expanded during the 19:45–20:00 ET window, with strong order flow imbalance.
• Bollinger Bands constricted pre-breakout, suggesting a potential continuation or reversal play.

Opening Summary

WAXPUSDT opened at $0.01992 on 2025-09-14 at 12:00 ET. The pair reached a 24-hour high of $0.02003 and a low of $0.01968 before closing at $0.01986 on 2025-09-15 at 12:00 ET. The total volume for the 24-hour period was approximately 29.5 million units, with a notional turnover of $591,000.

Structure & Formations

Price action on WAXPUSDT revealed a key support zone forming around $0.0198, where price found a bottom after a bearish breakdown attempt. A bullish reversal candle formed at 00:15 ET as price moved from $0.01982 to $0.0199, suggesting a short-covering rally. The pair then formed a bullish engulfing pattern at the $0.02001–$0.02003 level before retreating. A notable bearish divergence appeared in the RSI during the final 30-minute candle, hinting at potential exhaustion in the bullish move.

Moving Averages

On the 15-minute chart, price traded above the 20-period moving average (around $0.0199) and briefly above the 50-period (around $0.01991), suggesting short-term bullish bias. However, the 20 MA is now beginning to flatten, indicating a possible slowdown in momentum. Longer-term, the 50/100/200-day MA lines are all below the 24-hour close, suggesting a larger bearish context.

MACD & RSI

The 15-minute MACD turned negative in the final two hours, with a bearish crossover forming as the line crossed below the signal line. RSI moved above overbought territory at 70 in the morning session, followed by a sharp decline into neutral territory. A bearish divergence developed as RSI declined while price remained near highs, signaling a potential reversal.

Bollinger Bands

Volatility expanded during the 22:45–23:00 ET window, with a breakout above the upper band at $0.02003. The bands were previously constricted between $0.01985 and $0.01997, indicating a pre-breakout consolidation phase. Price currently sits near the lower band at $0.01983, with a potential bounce expected from this level.

Volume & Turnover

Trading volume spiked during the 22:45–23:00 ET breakout at $0.02003, with a 94,653-unit candle indicating strong buying pressure. However, volume declined sharply after the high, with the 01:45–02:00 ET candle showing only 214,180 units traded. This volume divergence suggests reduced conviction in the current trend. Total turnover peaked at $11,632 during the breakout candle but fell to around $4,000 in the last 15-minute interval.

Fibonacci Retracements

A 15-minute swing from $0.01982 to $0.02003 saw price retest the 61.8% retracement level at $0.01993 before declining further. On a broader scale, a daily Fibonacci retracement from the 2025-09-14 low at $0.01968 to the 2025-09-14 high at $0.02003 shows a potential support at the 38.2% level of $0.01985 and resistance at $0.01998.

Backtest Hypothesis

The described backtesting strategy could benefit from leveraging the 15-minute Fibonacci retracement levels and the 20 MA as dynamic entry filters. A long entry could be triggered at the 61.8% level with a stop-loss below $0.01980 and a target near $0.02003. Alternatively, a short trade could be initiated after a bearish divergence in RSI and a close below the 20 MA, with a stop above $0.02003 and a target at $0.01975. These levels, in combination with volume signals, offer a structured approach for intraday traders.