Market Overview for WAX/Tether (WAXPUSDT) on 2025-09-14

• WAX/Tether traded in a narrow range today, with price consolidating around key support and resistance levels.
• A bearish trend was observed in early hours, followed by a late rally near 0.0209.
• Volume spiked in the 21:30–23:45 ET timeframe, confirming the final bullish push.
• RSI showed moderate momentum, with no clear overbought or oversold signals.
• Bollinger Bands tightened during the consolidation phase, indicating potential for a breakout.

At 12:00 ET–1, WAX/Tether opened at 0.02076 and closed at 0.02081 by 12:00 ET the next day. The pair reached a high of 0.02092 and hit a low of 0.02053 during the session. Total volume across the 24-hour period was approximately 15,677,217, while total notional turnover was roughly $319,764.

Structure & Formations

The candlestick pattern over the past 24 hours showed a consolidation pattern within a defined range, with price fluctuating between 0.02053 and 0.02092. A key support level appears to be forming near 0.02075, reinforced by a series of bullish and bearish closes that formed a pattern similar to a bullish engulfing on the 21:30 candle. A resistance level is forming near 0.0209, where price has struggled to break through more than once.

A doji-like pattern emerged at 00:00 and 02:00 ET, signaling indecision in the market. These patterns suggest that traders are cautious about entering positions at the upper range boundary.

Moving Averages, MACD & RSI

The 20-period and 50-period moving averages on the 15-minute chart were closely aligned near the 0.0208–0.02085 range, indicating a lack of strong directional bias. The 50-period moving average on the daily chart remained above the price, suggesting a bearish bias on the daily timeframe.

MACD lines showed a narrowing divergence through most of the day but began to show a positive crossover in the final hours as bullish momentum increased. RSI remained in the 40–60 range for much of the session, indicating moderate momentum without entering overbought or oversold territory. A slight RSI divergence appeared in the 00:00–02:30 ET timeframe, hinting at a potential reversal.

Bollinger Bands

Bollinger Bands constricted tightly during the early consolidation phase between 16:00 and 22:00 ET, signaling low volatility and a potential breakout. Price tested the upper band at 0.02092 but failed to sustain above it. The most recent expansion of the bands occurred in the final four hours, aligning with increased volume and price movement toward the upper range.

Volume & Turnover

Volume spiked sharply during the 21:30–23:45 ET window, coinciding with a rally toward 0.02091. This volume spike confirmed the bullish move rather than contradicting it. Turnover increased in tandem, especially during the 21:30 candle, indicating strong participation in the final leg of the rally.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 0.02053–0.02092 swing, the 38.2% level is at 0.02073, which coincided with a key consolidation level. The 61.8% level at 0.02085 served as a potential ceiling for bullish movement. On the daily chart, the 50% retracement level appears near 0.02075, where the pair has found support multiple times.

Backtest Hypothesis

Given the consolidation pattern and confirmed volume spikes in the final hours of the 24-hour period, a backtesting strategy could focus on entries near the 0.0208 support level with a target near the 0.0209 resistance. A short-term long position initiated during the final 30 minutes of the session, with a stop loss placed just below 0.02075, could have captured the upward move toward the upper range.

Combining this with a simple RSI divergence filter and Bollinger Band breakout confirmation would add layers of signal quality to a backtesting model. A backtest would likely show improved accuracy when including volume spikes as an entry confirmation filter, particularly when RSI is trending upward and MACD is showing a bullish crossover.