Market Overview: WAXPUSDT 24-Hour Action on 2025-10-05

• WAX/Tether (WAXPUSDT) formed a bullish reversal pattern after hitting a 24-hour low of $0.01745.
• Price surged from $0.01745 to a high of $0.01799, with momentum accelerating after 04:00 ET.
• Volatility expanded significantly after 03:00 ET, with volume spiking to over 650k trades.
• RSI suggests oversold conditions early, but the move higher confirms bullish divergence.
• Strong accumulation phase observed between 05:00–06:00 ET, followed by consolidation.

The WAX/Tether (WAXPUSDT) pair opened at $0.01745 on 2025-10-04 at 12:00 ET and closed at $0.01777 by 12:00 ET on 2025-10-05. It reached a high of $0.01799 and a low of $0.01743 during the period. The 24-hour volume totaled approximately 6,571,142.0 units with a notional turnover of roughly $116,258.54. Price action reflected a clear shift in sentiment from bearish to bullish during the session.

Structure & Formations

A notable bullish engulfing pattern emerged around 03:00–04:00 ET, where price surged from $0.01775 to $0.01784 on strong volume. This followed a consolidation phase from $0.01751 to $0.01759. A key resistance was formed at $0.01799, with a prior support level at $0.01775 showing strong buying pressure. A doji at 05:45 ET signaled a brief pause in the upward trend.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed to the upside around 03:30 ET, supporting the bullish momentum. Price remained above both lines for most of the day, confirming a short-term upturn. On the daily timeframe, the 50- and 200-period MAs were neutral, but the 100-period line acted as a dynamic support during the midday consolidation.

MACD & RSI

MACD turned positive at 03:00 ET and maintained a bullish signal through the day. RSI reached an oversold level of 30 early in the session but reversed strongly above 50 by 04:30 ET, indicating buying interest. The oscillator peaked near 60 before a consolidation phase began in the latter half of the day.

Bollinger Bands

Price moved well above the upper band between 05:00–06:00 ET, signaling strong momentum and volatility. A contraction in the bands occurred during the 01:00–02:00 ET period, suggesting a potential breakout. By the end of the session, price was trading near the upper band, reinforcing the bear-to-bull transition.

Volume & Turnover

Volume surged to over 650k at 05:30 ET as price broke through $0.0179, aligning with the price move. The highest notional turnover occurred between 05:00–06:15 ET, with a total of $11,873.14, indicating strong accumulation. A divergence between volume and price was observed during the consolidation from 06:30–08:00 ET, suggesting potential reversal risk.

Fibonacci Retracements

A 38.2% retracement level at $0.01766 was tested during consolidation, while a 61.8% retracement at $0.01785 served as a dynamic resistance. The 100% extension level lies at $0.01809, which may be the next target if bullish momentum continues.

Backtest Hypothesis

A potential backtesting strategy would involve a long entry at the close of the bullish engulfing candle (03:45–04:00 ET) with a stop-loss placed below the recent swing low at $0.01766 and a target at the 61.8% Fibonacci level ($0.01785). This setup could be reinforced by a positive cross in the 20/50 MA and a bullish RSI crossover above 50. Historical performance would need to validate the efficacy of this pattern over multiple cycles.