Market Overview for WAX/Tether (WAXPUSDT)

• Price action showed a 0.43% increase from $0.01915 to $0.01968 in 24 hours.
• Momentum picked up late in the session, with RSI trending upward from 50 to 62.
• Volatility expanded after 18:00 ET, with Bollinger Bands widening to reflect rising activity.
• Volume surged to a peak of 6,654,310 at 03:00 ET, confirming late-day bullish pressure.
• No major reversal patterns emerged, but bullish consolidation suggests further upward bias.

The WAXPUSDT pair opened at $0.01915 on 2025-09-17 at 12:00 ET and closed at $0.01968 on 2025-09-18 at 12:00 ET, with a high of $0.01976 and a low of $0.01909. Total volume reached 18,185,765, and turnover hit $358,530. A gradual climb in price and volume highlights increasing buyer participation.

Structure & Formations

The price action over the 24-hour period reveals a strong bullish bias, especially after 18:00 ET. A key support level emerged at $0.01915, which held during multiple tests and acted as a floor before the upward breakout. From 19:30 ET, a series of higher highs and higher lows formed a bullish trend channel, suggesting a continuation pattern. A notable bearish engulfing pattern briefly appeared at 03:00 ET when the price tested $0.01968 but failed to close below $0.01963, indicating strong buying pressure.

Moving Averages

On the 15-minute chart, the 20-period moving average crossed above the 50-period line (a golden cross) at 18:30 ET, confirming the upward momentum. This crossover was reinforced by the 50-period MA continuing to rise through the session. For the daily timeframe, the 50-period MA sits at $0.01931, below the current price, while the 200-period MA is at $0.01918. The price is currently above all three key moving averages, a bullish sign for near-term trends.

MACD & RSI

The MACD line crossed above the signal line at 18:45 ET, forming a positive histogram that grew in strength until 02:00 ET. This confirmed the momentum of the upward move. RSI climbed steadily throughout the session, peaking at 62 before stabilizing, indicating a moderate overbought condition but not yet at a level that suggests an imminent reversal. The divergence between RSI and price action has been minimal, implying strong alignment between momentum and price.

Bollinger Bands

Volatility increased significantly after 18:00 ET, with the upper Bollinger Band expanding to $0.01976 by 22:30 ET. The price remained within the upper 20% of the bands for much of the session, signaling a continuation of the bullish trend. A brief contraction in the bands occurred at 21:00 ET, but it was quickly followed by a breakout. This expansion may suggest a potential continuation of the bullish move.

Volume & Turnover

The most significant volume spike occurred at 03:00 ET, with 6,654,310 contracts traded — more than double the previous peak. This volume surge coincided with a retest of the $0.01968 level and confirmed the strength of the move. Notional turnover also spiked at that time, reaching $129,114. The price-volume correlation remained strong, with higher prices supported by rising volumes. No divergence was observed between price and turnover, suggesting a cohesive trend.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swing from $0.01909 to $0.01976, the price retested the 61.8% level at $0.01963 and bounced upward. This level acted as a strong support and confirmed the trend’s strength. On the daily chart, the price is near the 38.2% retracement level of a larger bullish swing from $0.01915 to $0.01976, suggesting potential for further upward movement if the level holds.

Backtest Hypothesis

The backtesting strategy is based on a combination of the golden cross on the 15-minute moving averages and overbought RSI conditions. A trade entry is triggered when the 20-period MA crosses above the 50-period MA and the RSI is above 50 but below 65 — indicating rising momentum but not yet overextended. A stop-loss is placed below the most recent support level, and a take-profit is set at the next Fibonacci resistance level. This strategy appears well-suited to the observed price action, with several confirmation signals emerging during the session.