Market Overview for WAX/Tether (WAXPUSDT) - 2025-10-09 24-Hour Analysis

• Price formed a bearish reversal at 0.01765 after a 0.48% intraday rally.
• RSI entered overbought territory briefly before declining sharply, suggesting momentum waned.
• Volatility expanded with a 0.01792 high, but selling picked up below 0.0176.
• Volume spiked near the peak but failed to confirm a breakout above 0.0177.
• Fibonacci retracement at 0.01741 may now act as near-term support.

WAXPUSDT opened at 0.01733 on 2025-10-08 12:00 ET, reached a high of 0.01792, and closed at 0.0173 on 2025-10-09 12:00 ET. Total traded volume was 33.7 million, with $605,136 notional turnover. Price formed a bearish continuation pattern after a short-lived rally.

Structure & Formations

Price surged from 0.0173 to 0.01792 before reversing sharply. A large bearish engulfing pattern formed around 0.0177, followed by a series of lower highs and a doji at 0.01758. Resistance levels at 0.01765 and 0.01773 were tested but rejected. Key support appears at 0.01731 and 0.01718, with 0.01741 as an intermediate floor.

Moving Averages

On the 15-minute chart, the 20SMA crossed below the 50SMA around 0.0176, confirming a bearish bias. On the daily chart, the 50DMA remains above the 100 and 200DMA at 0.0175 and 0.01736, respectively, indicating a longer-term sideways to slightly bearish trend. Price closed below all short-term moving averages, suggesting downward pressure may persist.

MACD & RSI

MACD turned bearish early in the 24-hour period and remained negative throughout. RSI briefly entered overbought territory (above 70) before dropping sharply to 47, indicating waning bullish momentum and potential bearish acceleration. Divergence between price and RSI at the peak suggests a likely consolidation or pullback.

Bollinger Bands

Price expanded well above the upper Bollinger Band at 0.01775 before retreating sharply into the lower band at 0.01738, indicating a high-volatility move followed by a bearish correction. The 15-minute bands have since narrowed, suggesting a possible period of consolidation ahead. Price is currently trading at the lower end of the daily bands.

Volume & Turnover

Volume surged around 0.01767 but did not confirm a breakout above 0.0177. The highest volume occurred at 0.01767 with 4.26 million contracts traded, but price closed lower, signaling bearish rejection. Turnover also spiked at that level. Divergence between price and volume occurred as price fell below 0.0176, suggesting further downside may be supported by increasing bearish participation.

Fibonacci Retracements

The 0.382 retracement level at 0.0175 and the 0.618 level at 0.01741 are currently the most relevant. Price held above 0.01741 in the final 15-minute candle, suggesting a possible bounce. A break below 0.01731 would target the 0.01718 level for further testing. Daily retracements indicate a key support zone between 0.0173 and 0.01715.

Backtest Hypothesis

Using a strategy that targets bearish reversals at the 0.618 Fibonacci level with a stop-loss above the 0.786 level and a take-profit at 0.382 could be effective in this context. Given the recent price action and volume divergence, a short entry around 0.01741 with a stop at 0.01752 and a target at 0.0173 aligns with the observed pattern. This setup could be backtested on prior similar swings to assess its historical success rate.