Market Overview for WAX/Tether (WAXPUSDT) on 2025-09-18

• WAXPUSDT posted a bullish close with a 0.01916 to 0.01967 upswing, indicating potential short-term buying interest.
• Momentum remained constructive with RSI and MACD aligned on bullish signals, though overbought conditions started to appear in later hours.
• Volatility increased sharply after 18:00 ET, with intraday range expanding by nearly 0.4% and volume spiking over 200%.
• A strong rejection occurred at the 0.01950 level, which may now act as a dynamic support.
• Notable 15-min patterns include a bullish engulfing at 20:30 ET and a potential bearish divergence at 06:30 ET.

WAXPUSDT opened at 0.01916 on 2025-09-17 at 12:00 ET, surged to a high of 0.01975, and closed at 0.01954 at 12:00 ET the following day. Total volume for the 24-hour window was 53,233,423.0 units, with turnover reaching $1,038,187.25. The pair displayed strong intraday momentum, with a clear push above key resistance levels.

Structure & Formations

The price structure showed a defined bullish bias, with price finding support at 0.01940–0.01950 and resistance at 0.01965–0.01970. A 15-minute bullish engulfing pattern appeared at 20:30 ET, suggesting a continuation of the uptrend. A potential bearish divergence emerged at 06:30 ET, but it was swiftly negated by volume. The 0.01950 level saw repeated rejections, reinforcing its importance as a dynamic support. A key 61.8% Fibonacci retracement at 0.01952–0.01954 became a confluence point for price action and volume, suggesting strong internal conviction from buyers.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA, reinforcing the bullish momentum. Daily data showed the 50-period MA (0.01948) slightly above the 100-period MA (0.01945), but still within a tight convergence, indicating a potential breakout scenario. The 200-period MA sat at 0.01943, suggesting a potential medium-term bottoming process if the price remains above this level.

MACD & RSI

MACD crossed into positive territory with a clear bullish signal at 18:00 ET, maintaining momentum until 03:00 ET. The RSI peaked at 68.3, indicating overbought conditions after 20:00 ET, though it did not trigger a bearish reversal. A potential overbought warning appears at 06:00 ET, where RSI peaked again at 67.5 before declining.

Bollinger Bands

Volatility expanded significantly in the evening hours, with the upper band reaching 0.01976 and the lower band tightening at 0.01942. Price action remained between the bands for most of the session but closed near the upper boundary, suggesting continued bullish bias. A contraction in the 15-minute Bollinger width occurred at 01:00 ET, signaling a potential breakout.

Volume & Turnover

Volume surged above 2 million at 20:30 ET and again at 03:00 ET, confirming the price breaks. Turnover reached a daily high of $67,464.35 at 02:30 ET, with a secondary peak of $34,719.50 at 03:15 ET. A notable divergence occurred at 06:30 ET, where volume declined while RSI remained elevated, signaling a potential short-term correction.

Fibonacci Retracements

Key Fibonacci levels on the 15-minute chart included 38.2% at 0.01957 and 61.8% at 0.01952. The 61.8% level became a strong support, with price bouncing back from it twice. On the daily chart, the 38.2% retracement at 0.01968 acted as a short-term resistance but failed to hold beyond 06:00 ET.

Backtest Hypothesis

A backtesting strategy using a combination of RSI overbought levels (70) and 20-period MA crossovers on 15-minute charts could have generated a buy signal at 18:00 ET and a sell signal at 02:30 ET, yielding a potential 0.83% gain in under 8 hours. Given the strong volume confirmation and Fibonacci confluence at key levels, this setup appears to have a favorable risk-reward ratio. However, the overbought RSI readings suggest caution in extending holding periods beyond 4–6 hours in similar setups.