Market Overview for WAX/Tether (WAXPUSDT) – 2025-11-02

• WAX/Tether (WAXPUSDT) posted a mixed 24-hour candlestick, closing near the high with a bullish bias.
• Volatility expanded during late hours of 2025-11-01 before compressing on the session’s final candle.
• RSI approached overbought levels, hinting at potential near-term correction.
• Key resistance emerges around 0.01230, while support remains firm at 0.01212–0.01215.

WAXPUSDT opened the 24-hour period at 0.01215 on 2025-11-01 at 12:00 ET and reached a high of 0.01241 before closing at 0.01229 at 12:00 ET on 2025-11-02. The 24-hour range was 0.01191 to 0.01241, with a final close at 0.01229. Total volume was 10,583,019.0 units, and notional turnover reached $129,094.00, indicating moderate but meaningful participation.

Structure & Formations

The 24-hour candlestick for WAXPUSDT formed a bullish harami pattern, where the final candle was contained within the body of the prior bearish candle, signaling a potential trend reversal. Key support levels appear at 0.01212 and 0.01215, both of which held multiple times during the session, especially around 04:15 and 05:30 ET. Resistance levels emerged at 0.01230 and 0.01235, where price failed to close above multiple times during the 2025-11-01 late session and the 2025-11-02 morning. A notable bullish engulfing pattern was observed between 16:30 and 17:00 ET on 2025-11-01, which may signal a short-term reversal.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are currently in bullish alignment, with the 20SMA above the 50SMA, indicating short-term strength. On the daily chart, the 50-period and 200-period moving averages remain in a bearish crossover (death cross) setup, suggesting a longer-term bearish bias despite recent short-term strength. The price closed above its 20-period moving average at the end of the session, which may provide temporary support.

MACD & RSI

The 15-minute MACD remained positive throughout most of the session, confirming the bullish momentum seen during the recovery phase. RSI reached overbought levels around 0.01230–0.01235, peaking near 72 in late 2025-11-01, suggesting possible short-term resistance and a potential pullback. The MACD histogram showed divergence during the late hours, which could indicate weakening momentum. RSI has since retreated toward 65–68, still indicating strong but not extreme bullishness, with potential for a mean reversion to mid-60s to mid-70s.

Bollinger Bands

Bollinger Bands expanded significantly during the late hours of 2025-11-01, reflecting heightened volatility. The price briefly touched the upper band at 0.01230–0.01235 before pulling back, indicating strong resistance in that area. The bands have since contracted, with the price trading within a tighter range during the early 2025-11-02 session, suggesting a temporary consolidation phase. This volatility expansion and contraction pattern may set the stage for a breakout or a continuation of the current range-bound behavior.

Volume & Turnover

Volume spiked during the late hours of 2025-11-01 and early 2025-11-02, especially between 20:30 and 21:30 ET on 2025-11-01, when the price tested 0.01241. Notional turnover increased in line with volume, suggesting active participation from larger players. However, volume decreased significantly during the 02:00–03:00 ET window on 2025-11-02, coinciding with the price consolidation phase. This divergence between volume and price movement could indicate a temporary pause in directional bias, with potential for renewed momentum if volume increases on a directional move.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from 0.01212 to 0.01241, the price has tested the 61.8% retracement level at 0.01229 multiple times, indicating strong resistance. On the daily chart, the 38.2% and 61.8% levels from a prior bearish swing (e.g., from 0.0125 to 0.0120) align with the current 0.01229–0.01230 area, reinforcing its significance. The 50% level at 0.01225 appears to be a key support/resistance level where the price has paused multiple times during the session.

Backtest Hypothesis

Given the recent overbought RSI levels and the bearish death cross on the daily chart, a bearish short strategy may have merit in this context. A proposed backtest could include an RSI(14) based short entry when the indicator crosses above 70, with a time-based or RSI-based exit. For example, a short position could be opened at the next day’s open after an RSI(14) overbought signal, with a time-based stop at 20 trading days or a price-based stop when RSI falls below 50. This aligns with the observed behavior during the late 2025-11-01 session, where RSI approached 72 and failed to sustain a bullish move, suggesting a potential mean reversion. The 2022–2025 backtest period would capture various market cycles, including bear and bull phases, to assess the robustness of the strategy under different volatility and liquidity conditions.