Market Overview for WAX/Tether (WAXPUSDT) as of 2025-10-13

• WAXP/USDT traded in a tight range before surging past 0.0144 in late trading.
• Bullish momentum accelerated after 04:00 ET, with volume increasing to over 3.0 million.
• A bearish divergence emerged in late-day volume around 14:00 ET, hinting at short-term profit-taking.
• RSI reached 60, indicating moderate overbought conditions without a clear top formation.
• Price remains within a 0.0137–0.0146 range, suggesting consolidation ahead of a breakout.

24-Hour Snapshot

WAX/Tether (WAXPUSDT) opened at 0.01376 on October 12 at 12:00 ET, reaching a high of 0.01463 and a low of 0.01373 before closing at 0.01461 on October 13 at 12:00 ET. Total trading volume for the 24-hour period was approximately 20.0 million WAXP, with a notional turnover of roughly $291,000 based on average pricing.

Structure & Formations

Price has been range-bound between 0.0137 and 0.0146 for most of the period, with a decisive breakout occurring around 06:45 ET when it pierced 0.0144 and continued higher. A 15-minute bullish engulfing pattern formed at 06:45 ET, confirming the breakout. A key support level appears to have been established near 0.0142, where the price found repeated bids after multiple pullbacks. A doji formed at 15:00 ET, suggesting indecision in the face of bearish momentum.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are in bullish alignment, with price above both. This suggests that the short-term trend remains upward. On the daily timeframe, the 50 and 100-period moving averages are converging, indicating potential for a reversal in the intermediate trend. The 200-period MA remains a key long-term benchmark, currently positioned below current price levels.

MACD & RSI

MACD turned positive at around 04:00 ET and has remained in bullish territory since, with a growing histogram that suggests accelerating buying pressure. RSI climbed to 60 at the peak of the breakout and has since pulled back to 50, indicating moderate overbought conditions. A bearish divergence is forming in RSI as volume declines despite price holding near the high of the range.

Bollinger Bands

Price has spent most of the period near the upper Bollinger Band, indicating a bullish bias in volatility. A contraction in band width occurred between 20:00 and 04:00 ET, which was followed by a sharp expansion as price broke higher. This suggests a period of consolidation followed by a breakout.

Volume & Turnover

Volume surged to over 3.0 million WAXP at 06:45 ET as price broke the 0.0144 threshold, indicating strong conviction in the move higher. However, a sharp drop in volume and price at 14:00 ET suggests short-term profit-taking or a minor distribution phase. Total notional turnover for the 24 hours was approximately $291,000, with a peak of over $45,000 at 06:45 ET.

Fibonacci Retracements

Key Fibonacci levels on the 15-minute chart appear to be holding near 0.0142 (61.8%) and 0.0144 (38.2%). These levels corresponded to points of price consolidation and renewed buying interest. On the daily chart, the 0.0139 (38.2%) and 0.0142 (61.8%) levels have served as strong support and resistance points. Price appears to be consolidating ahead of a potential test of the 0.01468 (78.6%) level.

Backtest Hypothesis

Given the current alignment of moving averages and the presence of a bullish engulfing pattern, a potential backtest strategy could hinge on MACD Golden-Cross and Death-Cross signals. However, as the MACD data for WAXP/USDT is currently unavailable through standard retrieval interfaces, we must consider alternative approaches to implement the backtest: 1) Retry the data query with an explicit exchange symbol such as BINANCE:WAXPUSDT or KUCOIN:WAXPUSDT; 2) Alternatively, if you can manually provide the specific Golden-Cross and Death-Cross dates from a charting tool, I can use those to simulate the strategy; 3) If no manual input is available, consider shifting the strategy to a different exchange-listed pair or a related cryptocurrency. This adjustment will ensure the backtest is both practical and data-consistent.