Market Overview for WAX/Tether on 2025-12-10

Summary
• WAXPUSDT consolidated around $0.00915–0.00918 with bearish bias in late ET hours.
• Volume surged during the 5–8 AM ET window but failed to push prices higher.
• MACD and RSI signaled weakening momentum with bearish divergence forming.
• Price tested 0.00910 support level twice and bounced with low conviction.
• Bollinger Bands narrowed midday before expanding with increased volatility.

WAXPUSDT opened at $0.00933 (12:00 ET - 1), peaked at $0.00936, and closed at $0.00906 (12:00 ET), with a 24-hour low of $0.00905. Total volume reached 9.42 million WAX, and turnover hit $85,500.

Structure & Formations

Price action revealed a bearish continuation pattern in the 5-minute chart, especially after the 20:30 ET candle formed a large bearish engulfing pattern. Key support appeared at $0.00910–0.00912, while resistance remained at $0.00915–0.00918. A doji formed near 0.00916 during the 6:45–7:00 AM ET window, suggesting indecision.

Moving Averages

On the 5-minute chart, price moved below both the 20 and 50-period SMAs, indicating short-term bearish pressure. On the daily chart, the 50-period SMA was slightly above the 100 and 200-period lines, though price action showed a bearish bias overall.

MACD & RSI

MACD lines crossed below the signal line after 5 PM ET, confirming bearish momentum. RSI dropped into oversold territory (near 30) during the 11:30–12:00 PM ET hour but lacked follow-through buying. Divergence between rising price and falling RSI during the 8–10 AM ET window indicated weakening bullish sentiment.

Bollinger Bands

Volatility tightened midday as price consolidated within a narrow band before expanding again after 5 PM ET. At close, WAXPUSDT sat near the lower band, suggesting potential for a bounce or further bearish continuation.

Volume & Turnover

Trading volume spiked during the 5–8 AM ET period but failed to generate meaningful upward movement. By contrast, the 5–6 PM ET hour saw a sharp drop in volume alongside a bearish breakdown.

Fibonacci Retracements

A 61.8% retracement level at $0.00916 was tested twice and failed to hold, suggesting downward momentum may continue. A key 38.2% level at $0.00910 offered some support but was breached in late trading.

In the next 24 hours, WAXPUSDT may test $0.00905–0.00907 for confirmation of a deeper pullback, or attempt a retest of the $0.00910 level for a potential rebound. Investors should remain cautious of further bearish momentum and potential for a test of key support below 0.00905.