Market Overview for WAX/Tether (WAXPUSDT) on 2025-10-26

• WAXP/USDT rallied sharply after 15:00 ET, breaking above 0.0133.
• Intraday volatility surged, with a high-low range of 0.00015.
• Volume spiked during the late ET hours, confirming the upward move.
• RSI shows no overbought conditions yet, suggesting room for consolidation or further gains.
• A bullish engulfing pattern formed near the 0.0133 level, reinforcing short-term strength.

The WAXP/USDT pair opened at 0.01322 on October 25 at 12:00 ET and closed at 0.01348 one day later at the same time. The 24-hour high was 0.01357, while the low reached 0.01314. Total traded volume amounted to 11.78 million WAXP, with a notional turnover of approximately $1.57 million, suggesting growing on-chain interest.

On the 15-minute chart, the pair formed a bullish engulfing pattern after breaking out of a consolidation phase around 0.0133. This pattern suggests a short-term reversal of bearish pressure. Key support levels appear to have been found at 0.01326 and 0.01314, with the 0.01317 level acting as a temporary floor in the early hours. Resistance is now forming around 0.01357, as seen in the late ET session. A doji formed near 0.01355, hinting at potential indecision among traders.

The 20-period and 50-period moving averages have converged around the 0.01328–0.0133 level, indicating a neutral to slightly bullish bias for the short term. On the daily timeframe, the 50-period and 200-period moving averages remain below the current price, suggesting the asset is trending above its historical average and may continue to attract buyers. MACD remains in bullish territory, with a positive histogram that confirms recent buying momentum. The RSI is currently at 52–54, far from overbought levels, indicating that further upside is possible without immediate signs of exhaustion.

Bollinger Bands have widened following the breakout, signaling heightened volatility. The price has moved above the upper band for a brief period, indicating strong short-term momentum. If the price can maintain above the middle band and hold 0.01343, it may continue to test the 0.01357 level. Volume and turnover have aligned with the upward move, particularly in the 09:00–15:00 ET window, with no major divergences noted. This suggests the trend is likely supported by genuine demand rather than speculative flows.

Fibonacci retracement levels applied to the recent swing from 0.01314 to 0.01357 show the 61.8% level at approximately 0.01340 and the 78.6% level at around 0.01353. The price has shown strong rejection at the 61.8% level multiple times, suggesting it may now act as a support rather than resistance. The 38.2% level at 0.01330 appears to be a key psychological level that has been tested and held during intraday pullbacks. For the daily chart, the 61.8% Fibonacci level on the broader uptrend sits around 0.01362, which could represent the next target if the current momentum holds.

Backtest Hypothesis

Given the current upward momentum and the absence of overbought RSI conditions, a potential short-term trading strategy could focus on entries around key Fibonacci and moving average levels. The recent formation of a bullish engulfing candle and a doji at higher levels suggests a continuation or consolidation phase. A backtest could be designed to enter long positions on a close above the 50-period moving average (currently ~0.01330) with a stop-loss just below the most recent swing low of 0.01326. A profit target could be set at the 61.8% Fibonacci level (0.01340). For a short-term RSI-based approach, a long entry could be triggered when RSI crosses above 40 with volume confirmation, and a sell when it approaches the 55–58 range.

However, due to an issue with the RSI data retrieval, further refinement of the strategy is currently limited. If RSI data for WAXP/USDT can be obtained, we could backtest the strategy more precisely from 2022-01-01 to 2025-10-26. For now, the price-based approach using Fibonacci and MA levels appears to offer a data-driven framework to assess entry and exit points.