Market Overview for WAX/Tether (WAXPUSDT) on 2025-09-17

• WAXPUSDT consolidates near 0.0192–0.0194, with mixed momentum and bearish hourly close.
• Volume spikes early and late in the 24-hr period, but price action remains range-bound.
• RSI indicates moderate momentum, and MACD suggests a potential short-term reversal.
• Key support at 0.0192 and resistance at 0.01935 form a tight trading range.

WAXPUSDT opened at 0.01916 on 2025-09-16 12:00 ET and closed at 0.01931 on 2025-09-17 12:00 ET, with a high of 0.01945 and low of 0.01912. The total 24-hour volume was 5.03 million, and the turnover reached $97,300. Price has remained within a tight range amid mixed volatility and moderate momentum.

Structure & Formations

The WAXPUSDT chart shows a tight consolidation pattern within a defined range between 0.01912 and 0.01945 over the past 24 hours. Key support levels appear at 0.01920 and 0.01925, while resistance is forming around 0.01935 and 0.01940. Several bearish engulfing patterns appeared in the late part of the day, indicating a potential short-term bearish bias. A doji formed around 0.01932 in the early morning, signaling indecision among traders.

Support & Resistance Levels

• Key support levels: 0.01920, 0.01915
• Key resistance levels: 0.01935, 0.01940
• Psychological pivot: 0.01930

Breakouts above 0.01940 could trigger a retest of the 0.01945 high, while breakdowns below 0.01915 could push price toward 0.01910.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are closely aligned around 0.01928–0.01930, suggesting no strong directional bias. The 20SMA has crossed below the 50SMA recently, forming a potential bearish signal. On the daily chart, the 50SMA is at 0.01927, and the 200SMA is at 0.01933, indicating a sideways bias with potential for a test of the 200SMA in the coming days.

MACD & RSI

The 12/26/9 MACD is hovering near the zero line, with the signal line slightly above, indicating weakening bullish momentum. The histogram has been flattening, suggesting a loss of upward drive. The RSI is currently at 54, slightly above neutrality, pointing to moderate bullish strength but not an overbought condition. A potential reversal may occur if RSI drops below 50, reinforcing the bearish bias seen in the candlestick patterns.

Bollinger Bands

Bollinger Bands are relatively narrow, indicating a period of low volatility. Price has remained within the band range but has touched the upper band in the late hours of the session, suggesting a temporary overextension. The middle band is at 0.01930, and the upper band is at 0.01941, while the lower band is at 0.01920. A breakout beyond either band could signal a continuation or a reversal.

Volume & Turnover

Volume spiked early in the session (at 0.01929–0.01936) and again in the last 6 hours (0.01920–0.01945), with the latter being the largest at 577,966 contracts. The notional turnover during this period was over $10,000, indicating increased participation. However, price has not moved significantly in response to these spikes, suggesting a potential divergence between volume and price action.

Fibonacci Retracements

Applying Fibonacci retracement levels to the most recent 15-minute swing (from 0.01912 to 0.01945), key levels to watch include:

• 61.8% retracement: ~0.01932
• 50% retracement: ~0.01929
• 38.2% retracement: ~0.01926

The 61.8% retracement level coincides with the recent doji and appears to be a pivotal level for the next 24 hours. A breakdown below the 38.2% level could signal renewed bearish momentum.

Backtest Hypothesis

The provided backtesting strategy emphasizes using a combination of RSI (14), MACD (12/26/9), and Fibonacci retracement levels to generate long and short signals. Specifically, it looks to enter long when RSI crosses above 50 and MACD turns positive on a 15-minute chart, while Fibonacci levels are used to set target levels. For shorts, the strategy initiates a trade when RSI crosses below 50 and MACD turns negative, with Fibonacci levels guiding stop-loss and exit decisions.

Given the current conditions on WAXPUSDT, this strategy could be particularly relevant. The RSI is currently just above 50, and the MACD is near neutrality, suggesting a potential long entry point if RSI confirms a bullish crossover. Alternatively, if RSI dips below 50 and the MACD turns negative, a short trade could be initiated. The Fibonacci retracement at 0.01932 offers a logical initial target for a long, and a breakdown below 0.01926 could validate a short trade.