Market Overview for WAX/Tether (WAXPUSDT) on 2025-12-11

Summary
• Price opened at $0.00914 and closed at $0.00874, forming bearish engulfing patterns mid-day.
• Volume spiked during the 19:15–20:45 ET session, confirming a sharp downward move.
• RSI hit oversold levels late, suggesting potential near-term reversal may occur.
• Bollinger Bands showed moderate contraction overnight, signaling a low-volatility phase.

WAX/Tether (WAXPUSDT) opened at $0.00914 at 12:00 ET−1, reached a high of $0.00930, and closed at $0.00874 by 12:00 ET. The pair traded between $0.00930 and $0.00864 over 24 hours, with a total volume of 43,803,910.6 and a notional turnover of approximately $378,396.

Structure & Formations

The price action shows a bearish bias, particularly after 19:15 ET, where a large bullish 5-minute candle was followed by a strong bearish engulfing pattern. Key resistance is seen around $0.00916, while support is forming near $0.00874. A doji around $0.00874 suggests indecision and a potential reversal point.

Moving Averages

On the 5-minute chart, the 20SMA and 50SMA are both below the current price, confirming the downward trend. The 200EMA on the daily chart shows the asset remains in a bearish phase, with no clear signs of retesting higher levels in the near term.

MACD & RSI

The MACD turned negative in the afternoon, confirming bearish momentum, while the RSI dropped below 30 late in the session, signaling oversold conditions. This could suggest a temporary bounce, though the bearish trend remains intact unless a strong reversal occurs.

Bollinger Bands

Volatility was relatively low during the early hours, with a moderate contraction of the bands. As the price moved downward, the bands expanded, indicating an increase in uncertainty and activity. Price is currently sitting near the lower band, which is typical in oversold conditions.

Volume & Turnover

Trading volume spiked sharply between 19:15 and 20:45 ET, coinciding with a strong downward move. Turnover also saw an increase during this period, confirming the strength of the move. The divergence between price and volume is minimal, suggesting the sell-off was broadly supported.

Fibonacci Retracements

Applying Fibonacci to the recent 5-minute swing from $0.00930 to $0.00864, the price has reached the 61.8% retracement level at $0.00883, which may act as a short-term support. A retest of the 38.2% level at $0.00902 is unlikely unless there is a significant positive reversal.

The path of least resistance appears to be toward testing the $0.00864–0.00869 range, where a potential bounce may occur. However, without a clear break above $0.00894, the bearish trend is likely to continue. Investors should remain cautious of a renewed selloff if volume picks up again on the downside.