Market Overview for WAX/Tether (WAXPUSDT): 2026-01-03

Summary
• Price declined from 0.00814 to 0.00805 amid rising bearish momentum.
• MACD and RSI signal weakening bullish sentiment and potential oversold conditions.
• Volatility expanded in the final hours, with price bouncing near 0.00807 support.
• A large bearish engulfing pattern formed near the close, signaling possible reversal.
• Turnover increased during the final 3 hours but did not confirm a strong breakout.

The WAX/Tether pair opened at 0.00810, hit a high of 0.00821, and closed at 0.00805 with a low of 0.00798. Total volume was 15,273,128, and turnover reached approximately $123,369 over the 24-hour period.

Structure and Candlestick Patterns

Price action showed a clear bearish bias through the day, with multiple bearish engulfing patterns forming near key levels. A notable bearish engulfing pattern appeared in the final hour, indicating potential exhaustion of bullish momentum. A doji formed near 0.00807 during the early morning hours, suggesting indecision and possible support.

Moving Averages and Momentum

The 5-minute chart showed the price closing below key short-term moving averages, with the 20-period MA at 0.00813 and the 50-period MA at 0.00811. The RSI fell below 30 in the final hours, signaling possible oversold conditions, while the MACD histogram remained negative and diverged with price, indicating bearish momentum may be running out.

Volatility and Bollinger Bands

Volatility expanded in the final hours, with the price bouncing off the lower Bollinger Band at 0.00807 and closing just above it. The mid-band was at 0.00811, and the upper band was near 0.00816, with price failing to show a convincing rebound from the lower boundary, suggesting potential continuation of the downtrend.

Volume and Turnover

Trading volume surged during the final three hours of the session, reaching a peak of 1,303,854 in the 3–4 AM ET timeframe. However, the increased volume did not confirm a decisive breakout, as price remained range-bound. Turnover rose in line with volume, but divergence between the two suggests speculative activity without strong directional bias.

Fibonacci Retracements

Fibonacci levels from the key 0.00814–0.00798 swing show 38.2% at 0.00806 and 61.8% at 0.00802. Price appears to have found a temporary floor near the 61.8% level before bouncing back slightly. A break below 0.00802 could test deeper support at 0.00798, but the immediate bounce may offer a short-term trading opportunity for bears to target 0.00802 again.

Price may continue to consolidate in a narrow range over the next 24 hours or attempt a test of the 0.00798 level. Investors should remain cautious about entering long positions without a clear breakout above 0.00812.