Market Overview for WAX/Tether (WAXPUSDT) on 2025-12-19

Summary
• WAXPUSDT formed a bullish recovery pattern after hitting a 24-hour low of $0.00702.
• Price remains below 50-period moving averages, signaling short-term bearish bias.
• Volatility expanded through Bollinger Band widening, suggesting potential for increased movement.
• RSI bottomed near oversold territory but failed to break above 50, indicating cautious optimism.
• On-balance volume suggests strong buying pressure in the final 6 hours.

Market Overview

WAX/Tether (WAXPUSDT) opened at $0.00746 on 2025-12-18 12:00 ET and reached a low of $0.00702 before closing at $0.00734 on 2025-12-19 12:00 ET. Total volume was 21,386,670.0, with turnover amounting to approximately $151,963.

Structure & Formations

Price action displayed a bearish breakdown early in the session, with a large bearish candle at 17:15 ET showing strong downward pressure. A series of lower lows and higher highs formed a short-term descending triangle, which appears to be resolving with a breakout to the upside in the last six hours.

A bullish engulfing pattern emerged after the 03:15 ET low, suggesting potential reversal momentum. No clear doji was observed, but the 06:30–07:00 ET consolidation period showed tight range trading.

Moving Averages

The 20-period and 50-period moving averages on the 5-minute chart remained bearish, with price consistently below both. On the daily chart, the 50-period MA sits at $0.00737 and the 200-period at $0.00729. Price closed above the 50-period, signaling a potential short-term reversal but remains below the 200-period, suggesting a broader bearish trend remains intact.

MACD & RSI

MACD crossed above the signal line in the final hours, suggesting a shift in momentum toward the bullish side. RSI reached a 24-hour low of 32, nearing oversold territory but failed to push above 50, which may indicate a lack of conviction in the upward movement.

Bollinger Bands

Volatility expanded significantly from the 17:00 ET timeframe, with Bollinger Bands widening and price reaching the lower band at $0.00702. In the last 4 hours, price has moved toward the upper band, suggesting a potential consolidation phase or a continuation of the upward move.

Volume & Turnover

Volume surged in the final six hours of the session, particularly after 03:15 ET, with a sharp increase in notional turnover. This supports the recent bullish price action and suggests increased participation. No major divergence between price and volume was observed during the session.

Fibonacci Retracements

The key 5-minute swing from $0.00746 to $0.00702 saw price retrace to the 61.8% level ($0.00725) before breaking higher. On a daily chart, the 61.8% retracement level from the recent bearish move sits near $0.00737, aligning with the 50-period MA and the recent consolidation zone.

The market appears to be finding short-term support in the $0.00725–$0.00735 range. If buyers can maintain control above $0.00735, the next key resistance level is at $0.00746, which is the 12:00 ET-1 open and a prior high. A failure to hold above $0.00730 may trigger a pullback toward $0.00720. Investors should monitor both volume and RSI levels for confirmation of bullish continuation or potential exhaustion.