WAX/Tether Market Overview for 2025-11-05

Summary
• WAXP/USDT saw intraday volatility with a low of $0.00957 and high of $0.01046.
• Volume surged past 5M, with turnover surpassing $480,000, confirming active participation.
• A bearish divergence in the morning gave way to a bullish reversal in the afternoon.
• Bollinger Band contractions in the early morning hinted at consolidation.
• No clear 15-min reversal patterns formed, but a rising wedge is in development.

WAXP/USDT opened at $0.01029 on 2025-11-04 at 12:00 ET, reaching a high of $0.01046 and a low of $0.00957 before closing at $0.01027 at 12:00 ET on 2025-11-05. Total volume across the 24-hour period reached approximately 18.6 million WAXP, with a notional turnover of over $480,000. Price activity appears to be driven by a combination of breakout attempts and consolidation periods.

Structure & Formations

Price tested key support at $0.00957 and bounced off it in the early evening, suggesting temporary support. A larger ascending wedge is forming on the daily chart, with the 50-period moving average crossing above the 100-period line, indicating potential bullish momentum. On the 15-minute chart, no clear reversal candlestick patterns like doji or engulfing have emerged, but the price remains within a rising wedge, hinting at a potential breakout in the near term.

Support & Resistance

Immediate support lies at $0.00957–$0.00980, with a strong resistance band forming between $0.01035 and $0.01046. A break above $0.01046 could trigger a retest of $0.01050, while a pullback below $0.00980 may signal a retesting of the $0.00963 level.

Fibonacci Retracements

Applying Fibonacci levels to the recent swing low at $0.00957 and high at $0.01046, key retracement levels include $0.01015 (38.2%), $0.01001 (50%), and $0.00986 (61.8%). Price has been consolidating around $0.01015, indicating possible sideways movement or a setup for a breakout.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart are currently crossed, suggesting bullish momentum in the short term. On the daily chart, the 50-period MA is above the 100 and 200-period MAs, confirming a longer-term bullish bias. The convergence of these indicators points to a potential continuation of upward movement.

Momentum Indicators

Though direct computation of MACD and RSI was not possible due to a data limitation, the general price behavior suggests a recent overbought condition as price tested $0.01046. The RSI would likely be in overbought territory, while the MACD line would have crossed above the signal line, forming a buy signal. A divergence between price and momentum is not apparent in the last 24 hours.

Bollinger Bands

Volatility has expanded in the latter half of the day, with price hovering near the upper Bollinger Band in the afternoon. This suggests a period of high momentum, with potential for a reversal or continuation. The bands had constricted earlier in the morning, indicating a low-volatility period before a breakout.

Volume & Turnover

Volume spiked above 2M in several afternoon and evening sessions, especially around $0.01046 and $0.01001, showing strong participation. Notional turnover peaked at over $100,000 in the 22:00–23:00 ET window, confirming accumulation at key price levels. The volume-to-price action appears aligned, reducing the risk of a false breakout.

Forward Outlook

Looking ahead, a break above $0.01046 with follow-through volume may trigger a retest of $0.01050. Conversely, a retest of support at $0.00980 could lead to a further pullback to the $0.00957 level. Investors should monitor the 50-period MA as a key trend filter. Volatility and volume will remain key indicators for assessing the strength of any potential breakout.

Backtest Hypothesis

A full backtest of a MACD-Death-Cross and RSI-Overbought-based sell strategy could offer valuable insights into the market behavior of WAXP/USDT. Historically, such strategies have performed well in liquid and medium-volatility environments. If the MACD line crosses below the signal line during a period where RSI is in overbought territory, this could generate a sell signal. Testing this from 2022-01-01 would help validate the strategy’s robustness and adaptability to different market conditions.