Market Overview for WAX/Tether (WAXPUSDT) – 2025-12-30

Summary
• Price declined from 0.00776 to 0.00777, forming a bearish engulfing pattern near 0.00778.
• Momentum weakened as RSI approached 30, signaling potential oversold conditions.
• Volatility expanded with a range of 0.00009, and volume spiked during the late-night low.

The WAX/Tether pair opened at 0.00776 on 2025-12-29 at 12:00 ET and closed at 0.00777 on 2025-12-30 at 12:00 ET, with a high of 0.00781 and a low of 0.00762. Total trading volume reached 24,358,690.0 and notional turnover was approximately 189,629.28.

Structure and Patterns

Price action displayed a bearish bias throughout the session, with a significant bearish engulfing pattern forming near 0.00778 in the early hours. A notable 5-minute doji emerged near the 0.00774 level, suggesting short-term indecision. Key support was identified at 0.00774 and resistance at 0.00780.

Moving Averages and Momentum

On the 5-minute chart, price closed below both the 20-period and 50-period moving averages, indicating short-term bearish momentum. The 50-period line sat just above 0.00777, while the 20-period line was near 0.00778, reinforcing downward pressure. RSI hovered near 30, pointing to possible oversold conditions. MACD remained in negative territory, with a narrowing histogram suggesting a potential slowdown in bearish momentum.

Volatility and Bollinger Bands

Volatility was moderately expanded, with price moving within a range of 0.00009. Price spent significant time near the lower Bollinger Band during the session, with a brief retest of the upper band around 0.00781.

Volume and Turnover

Volume remained elevated during the price decline in the early hours, with a large 5-minute bar at 0.00776 showing high conviction in the downward move. Turnover aligned with volume surges, particularly between 02:15 and 05:15 ET. However, divergence between price and turnover emerged in the late session, as volume declined despite continued bearish momentum.

Fibonacci Retracements

A key 5-minute swing from 0.00762 to 0.00781 saw price retest the 61.8% level at 0.00774, which acted as a strong support. On the daily chart, a major 61.8% retracement level is near 0.00776, which may offer near-term support.

WAXPUSDT appears to be consolidating near key support levels, with potential for a short-term bounce or further pullback depending on how the 0.00774 level holds. Traders may watch for a break above 0.00780 to signal a reversal in short-term sentiment. However, caution is warranted as the 0.00774 level could break under sustained bearish pressure in the coming 24 hours.