Market Overview for WAX/Tether USDt (WAXPUSDT): 2025-09-06

• Price tested and retested key resistance levels, with consolidation near 0.0196–0.0197.
• Volume increased during bullish swings but declined during pullbacks, hinting at potential buyer fatigue.
• RSI suggests a neutral momentum environment, with no strong overbought or oversold signals.
• Bollinger Bands indicate moderate volatility, with price staying near the midline for much of the session.

WAXPUSDT opened at 0.01951 on 2025-09-05 12:00 ET and reached a high of 0.01979 and a low of 0.01950 before closing at 0.01956 on 2025-09-06 12:00 ET. The 24-hour volume totaled 3,219,202 units, with a notional turnover of $62,911.14.

Structure & Formations

Price action revealed a clear bullish bias during the afternoon hours, with a notable breakout above 0.01965 followed by a consolidation phase. Key support levels were identified at 0.01960 and 0.01950, while resistance formed at 0.01970 and 0.01975. A bullish engulfing pattern appeared at 2025-09-05 21:15, suggesting potential follow-through buying. Later, a bearish harami at 05:45 ET hinted at a potential reversal, though it was not immediately confirmed by volume.

Moving Averages

On the 15-minute chart, the 20-period moving average acted as a dynamic support during the late evening hours, while the 50-period line crossed above the 20-period at 2025-09-05 21:00, confirming a short-term bullish trend. On the daily chart, the 50-period and 200-period moving averages diverged slightly, indicating a potential shift from bearish to neutral bias in the near term.

MACD & RSI

MACD showed a bullish crossover during the early breakout phase, aligning with the bullish engulfing pattern. However, the histogram later flattened as the rally stalled, suggesting momentum fatigue. The RSI remained in the 50–60 range for most of the 24-hour period, reflecting balanced buying and selling pressure. No extreme readings suggested the market was neither overbought nor oversold.

Bollinger Bands

Bollinger Bands showed a moderate widening during the afternoon rally, reflecting increased volatility. Price spent most of the session oscillating between the midline and the upper band, indicating a strong bias. A brief contraction occurred around 04:30 ET, suggesting a potential breakout setup, though it did not result in a significant move.

Volume & Turnover

Volume spiked during the afternoon rally, with the highest volume recorded at 2025-09-05 21:30 (847,571 units), coinciding with the peak at 0.01975. Turnover increased in lockstep with volume during the bullish phase but declined during the consolidation and pullback periods. A volume divergence was noted during the early morning sell-off, which may indicate weakening bearish conviction.

Fibonacci Retracements

Applying Fibonacci to the 0.01950–0.01979 swing, price found initial support at the 38.2% level (0.01968) and bounced from there. A test of the 61.8% retracement (0.01965) followed, with price consolidating afterward. On the daily chart, the 50% and 61.8% retracement levels aligned with key support and resistance, reinforcing their importance.

Backtest Hypothesis

The described backtesting strategy involves entering long positions on a bullish engulfing pattern confirmed by above-average volume and a 20-period EMA crossover. This approach could be applied to the 21:15 ET candle, which showed a strong bullish reversal. Exiting at a fixed stop loss below the 0.01960 level and taking profit at 0.01975 would align with recent Fibonacci and Bollinger Band levels. A backtest would need to account for slippage and varying volatility to determine the strategy's robustness.