Market Overview: WAXPUSDT Daily 24-Hour Analysis as of 2025-09-19

• WAXPUSDT experienced a bearish reversal with a 0.46% 24-hour drop to 0.01930.
• Volatility expanded through a 0.0196–0.0199 range before consolidating near key support.
• Volume spiked during the 1:15–1:45 AM ET rebound, but failed to confirm bullish momentum.
• RSI (14) and MACD signaled weak momentum, with bearish divergence forming near 0.0198.
• Bollinger Bands widened during the drop, suggesting possible continuation or a pullback.

WAX/Tether (WAXPUSDT) opened at 0.01965 on 2025-09-18 at 12:00 ET and closed at 0.01930 on 2025-09-19 at the same time. The pair reached a high of 0.02007 and a low of 0.01932, forming a bearish candlestick structure. Total 24-hour volume was 11,158,625.0, while total turnover was approximately $220,195.

Structure & Formations

The pair formed several bearish patterns, including a bearish engulfing pattern at the 0.01985–0.01982 level and a shooting star at 0.02007. A doji emerged around 0.01985, suggesting indecision. The price has been consolidating around key support at 0.01930–0.01935, with a failed attempt to break above 0.01988–0.01990 resistance. A bear flag pattern is forming from 0.01990 to 0.01935, suggesting a possible continuation to 0.01870–0.01910 if the support holds.

Moving Averages

On the 15-minute chart, the 20SMA (0.01970) and 50SMA (0.01967) have crossed to the downside, confirming bearish momentum. On the daily chart, the 50DMA (0.01958), 100DMA (0.01963), and 200DMA (0.01940) suggest a mixed bias with price below all but the 200DMA. The 50DMA appears to offer intermediate support if the trend continues.

MACD & RSI

The 12,26,9 MACD has been in bear territory since the morning, with a weak bearish crossover at 0.01983. The RSI(14) has been trending down, with the pair falling into oversold territory at 29–30. Divergence between price and RSI indicates possible short-term bounce. However, the bearish momentum remains intact unless a strong reversal candle appears above 0.01950.

Bollinger Bands

Volatility expanded significantly during the drop to 0.01930, with the price hitting the lower band. The Bollinger Band %b is at 0.05, indicating a potential bounce near 0.01930–0.01935. If price stabilizes and closes above the middle band, it may signal a pullback.

Volume & Turnover

Volume increased during the late-night rebound (0.01935–0.01941), but turnover failed to confirm the move, suggesting weak follow-through. The highest volume was recorded during the 1:15–1:45 AM ET sell-off, coinciding with the breakdown of 0.01988 resistance. A divergence between price and volume is now emerging near 0.01930–0.01940.

Fibonacci Retracements

Applying the 15-minute swing from 0.02007 to 0.01930, 38.2% retracement is at 0.01976 and 61.8% at 0.01948. On the daily chart, the 61.8% retracement of the larger 0.01990–0.01930 move is at 0.01946. Price is currently near the 61.8% level, with a potential bounce or breakdown expected in the next 24 hours.

Backtest Hypothesis

A potential strategy for WAXPUSDT involves entering a short position on a bearish engulfing pattern at 0.01985–0.01982 and exiting at 0.01930. Stop-loss could be placed above 0.01988–0.01990. The RSI(14) and MACD would confirm bearish momentum. If price breaks below 0.01930, a continuation short could be considered with a target at 0.01900–0.01870. This strategy would align with the observed bear flag and volume divergence. It is best applied during high-liquidity hours (e.g., 01:00–04:00 ET).