Market Overview for WAX/Tether (WAXPUSDT) on 2025-12-18

Summary
• Price declined from 0.00768 to 0.00745, forming bearish continuation patterns after a midday low.
• Volume surged at key inflection points, confirming bearish momentum after 19:00 ET.
• RSI signaled oversold conditions after 05:00 ET but failed to trigger a strong reversal.
• Volatility expanded significantly during the early morning hours before consolidating.
• Bollinger Bands showed a contraction at 07:00 ET, followed by a sharp break lower.

WAX/Tether (WAXPUSDT) opened at 0.00763 on 2025-12-17 at 12:00 ET, reached a high of 0.00772, hit a low of 0.00740, and closed at 0.00745 by 12:00 ET on 2025-12-18. The 24-hour volume was 12,263,821.0, and turnover totaled approximately $91,059. Price action showed a broad bearish trend with bearish engulfing patterns emerging in the late afternoon and into the overnight session.

Structure & Formations

Price formed a bearish engulfing pattern at 19:30 ET, confirming a breakdown from prior resistance. A long-bodied bearish candle at 00:15 ET marked a key low, followed by a weak recovery. A doji at 05:00 ET indicated indecision, but the lack of follow-through suggested further downside risk. A key support level appears to be forming near 0.00740, with resistance lingering above 0.00755.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages crossed bearishly in the early evening, supporting the downtrend. On the daily timeframe, the 50-period line remains above the 200-period, suggesting intermediate bearish bias, though the 100-period line shows initial signs of catching up, indicating some exhaustion in the move lower.

MACD & RSI

The MACD turned bearish in the late afternoon, with the histogram widening as bearish momentum accelerated. RSI hit oversold levels after 05:00 ET but remained flat, indicating weak reversal potential. A divergence between the two indicators suggests that further consolidation or a test of key support may be needed before any meaningful bounce is seen.

Bollinger Bands

Volatility narrowed significantly between 07:00 and 09:00 ET, signaling a potential breakout period. The subsequent break below the lower band at 10:00 ET confirmed a sharp bearish move, which continued into the overnight session. Price remained within the bands until the early morning, when it broke the lower band decisively, indicating a period of high bearish bias.

Volume & Turnover

Volume spiked during key bearish reversals, particularly at 19:30 ET and 20:30 ET, confirming bearish continuation. Turnover also surged in those periods, supporting the move lower. A divergence was seen in the early morning when volume remained low despite price testing 0.00740, suggesting caution. The overall volume-to-price alignment supports a continuation of the bearish trend.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 5-minute move from 0.00768 to 0.00740, price has found temporary support near the 61.8% level at 0.00749. A break below 0.00740 would target the 78.6% retracement at 0.00733. On the daily chart, the 50% retracement of the recent high remains at 0.00753, which could act as resistance on any near-term bounces.

The market appears to be in a bearish consolidation phase, with key support at 0.00740 and potential for further downside if that level breaks. Investors may want to monitor for signs of bearish exhaustion or a reversal setup near the lower band. As always, a sharp move lower could trigger stop-loss cascades, increasing short-term volatility.