Market Overview for WAX/Tether (WAXPUSDT) as of 2025-10-11

• WAXPUSDT opened at $0.01686 and closed at $0.01357 over 24 hours.
• Price dropped sharply to $0.007 before stabilizing near $0.0125–$0.0135.
• Volatility surged during a 5-hour sell-off from $0.0165 to $0.01.
• A large-volume candle (0.01655 → 0.01554) triggered panic selling.
• RSI signaled oversold conditions, suggesting potential near-term bounce.

WAXPUSDT opened at $0.01686 on 2025-10-10 12:00 ET and closed at $0.01357 on 2025-10-11 12:00 ET. The 24-hour high reached $0.01699, while the low plummeted to $0.007. Total volume amounted to 74,135,049.0 units, with a turnover of approximately $1,245,622.69, reflecting intense volatility and heavy selling pressure.

Structure & Formations

The price formation revealed a sharp breakdown from $0.0169–$0.0165 to a critical support level near $0.0125. A long bearish candle on 2025-1010 21:00–21:15 (open: $0.01655, close: $0.01554) marked a turning point. This was followed by a rapid descent, with the price falling as low as $0.007. Several long-bodied bearish candles confirmed the bearish momentum. A potential support area emerged near $0.0135, where the price found consolidation before 12:00 ET.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below key price levels during the early sell-off, reinforcing the bearish bias. On the daily chart, the 200SMA appeared to act as a strong resistance during the rebound phase, while the 50SMA crossed below the 100SMA, indicating a bearish crossover and strengthening the downtrend narrative.

MACD & RSI

MACD turned sharply negative during the price collapse, with a wide divergence between the histogram and price action. The RSI fell into oversold territory (below 25) for multiple hours, suggesting that the price could find a near-term floor. However, RSI remained in oversold for extended periods, indicating a bearish exhaustion rather than a bullish reversal.

Bollinger Bands

Price volatility expanded dramatically during the sell-off, with the Bollinger Bands widening to accommodate the sharp drop. The price spent extended time at the lower band, especially around $0.007, before showing signs of consolidation near $0.0130. A contraction in the bands during the last 6 hours suggests a potential reversal may be on the horizon, but only if bullish momentum accompanies it.

Volume & Turnover

Volume surged during the key 5-hour selloff, with over 17.5 million units traded between 21:00 and 21:45 ET. This coincided with the price falling from $0.0165 to $0.01. Turnover spiked to over $500,000 during that period, confirming the strength of the bearish move. In contrast, the last 6 hours showed lower volume despite some price stabilization, indicating a potential lack of follow-through from buyers.

Fibonacci Retracements

Applying Fibonacci to the major swing from $0.01699 to $0.007, key retracement levels at 0.382 ($0.0134) and 0.618 ($0.0127) are currently being tested. The price is hovering just above the 0.382 level, suggesting that a break above $0.0135 could trigger a retracement back to $0.0145–$0.0148. A failure to hold above $0.0130 would likely see the price test the 0.618 level.

Backtest Hypothesis

A potential backtesting strategy could involve entering a long position on a break of the 0.382 Fibonacci level ($0.0134) with a stop loss below $0.0130. This entry would align with the RSI's oversold condition and the potential for a short-term reversal. A trailing stop could be placed at the 15-minute moving averages once bullish momentum is confirmed. This approach would aim to capture retracement-based upside within a broader bear trend, with risk management focused on early exits if the price fails to sustain above key psychological levels.