Market Overview for WAX/Tether (WAXPUSDT): 2025-10-06

• WAX/Tether (WAXPUSDT) declined to a 24-hour low of $0.01754 before reversing with a late bull move to $0.01807.
• Strong volume confirmed the final 2-hour upswing, ending the day at $0.01805 amid rising volatility.
• RSI and MACD showed overbought conditions during the rally, while Bollinger Bands indicated a breakout from contraction.
• A key Fibonacci 61.8% level at $0.01773 appears to have acted as dynamic support during the session.
• Intraday traders witnessed a bearish breakdown in the morning followed by a bullish recovery in late ET, suggesting mixed momentum.

At 12:00 ET−1, WAX/Tether (WAXPUSDT) opened at $0.01766 and traded in a $0.01754–$0.01807 range before closing at $0.01805 at 12:00 ET. Total volume reached 7,776,000 units, with $130,787 in turnover. Price action reflected a morning bearish trend and late ET bullish reversal.

Structure & Formations

The 24-hour chart showed a bearish breakdown in the early afternoon, with a notable bearish engulfing pattern at $0.01754. This was followed by a bullish recovery from $0.01772 to $0.01807, suggesting a shift in sentiment. A bullish harami and a bullish morning star pattern emerged in the late ET session, confirming short-term buyer strength. Key support levels appeared at $0.01772 and $0.01754, while $0.01782 and $0.01807 acted as resistances.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed in the late ET session, signaling a bullish crossover. For daily analysis, the 50-day MA acted as a baseline support at around $0.01775, while the 200-day MA provided context for longer-term trend direction.

MACD & RSI

MACD showed a positive crossover in the final 3 hours of the session, with a rising histogram indicating strengthening bullish momentum. The RSI climbed to overbought territory (75+) during the late rally, suggesting potential for a near-term pullback. However, divergence in the RSI was not observed, supporting the continuation of the bullish move.

Bollinger Bands

Price remained within the Bollinger Bands for most of the session, with a contraction noted in the early ET hours. As the rally unfolded, the bands expanded, and WAXPUSDT closed near the upper band, indicating a potential breakout scenario. Volatility picked up during the final 4 hours, supporting the likelihood of a continuation or a consolidation phase.

Volume & Turnover

Volume was relatively subdued in the early session but spiked during the bearish breakdown and surged again in the late ET bullish move. The final 2-hour period saw the highest volume and turnover, confirming the reversal. No material divergence was observed between price and volume, supporting the integrity of the bullish move.

Fibonacci Retracements

Applying Fibonacci levels to the key swing from $0.01754 to $0.01807, the 61.8% retracement level was at $0.01773, which appeared to hold as support. The 38.2% level at $0.01786 acted as a psychological resistance. These levels may influence the next 24 hours' direction, with a breakout above $0.01807 potentially opening the path to $0.01820.

Backtest Hypothesis

A backtest hypothesis could focus on the late ET bullish reversal and the confirmation by volume and moving averages. A strategy might look to enter on a close above the 50-period MA at around $0.01781, with a stop loss below $0.01772 and a target at $0.01807. This approach could be validated with historical data where the 50-period MA crossover and volume confirmation have led to continuation of bullish trends. The RSI and Fibonacci levels further provide additional layers of support for this approach.