Market Overview for WAX/Tether (WAXPUSDT): 24-Hour Activity Summary

Summary
• Price tested key support at $0.00887 before rebounding with a bullish engulfing pattern.
• RSI entered oversold territory briefly, suggesting potential short-term rebound.
• Volume surged near $0.00900 level, indicating strong buying interest at that price cluster.
• Bollinger Bands show narrow range preceding breakout toward $0.00910.
• 20-period MA confirmed bullish bias as price closed above it for the last four hours.

The WAX/Tether (WAXPUSDT) pair opened at $0.00899 on 2026-01-09 at 12:00 ET and closed at $0.00897 on 2026-01-10 at 12:00 ET, after reaching a high of $0.00913 and a low of $0.00876 over the 24-hour period. Total volume amounted to 59,092,141.0 and notional turnover stood at $514,099.12.

Structure & Formations

Price found critical support at $0.00887, where a series of bearish candles gave way to a bullish engulfing pattern around $0.00890. A small doji at $0.00899 suggested indecision ahead of a sharp rebound. Key resistance levels emerged at $0.00900 and $0.00913, with the latter acting as a ceiling for most of the session.

Moving Averages and Momentum

The 20-period moving average trended upward for the final four hours, aligning with the closing price above it. The 50-period MA showed mixed signals, reflecting the back-and-forth trading during the session. RSI briefly dipped into oversold territory at $0.00887, hinting at a potential short-term bounce. MACD crossed into positive territory during the late hours, reinforcing the bullish bias.

Volatility and Bollinger Bands

Bollinger Bands narrowed significantly between $0.00890 and $0.00898 during the overnight hours, indicating a period of consolidation. Price eventually broke out of this range with a sharp rally toward $0.00910. Volatility appears to be increasing as the bands expand, suggesting potential for further movement in either direction.

Volume and Turnover

Volume spiked near $0.00900 and $0.00887, coinciding with key turning points in the chart. The most active candle occurred at $0.00900 with over 8.5 million volume, suggesting strong accumulation at that level. Turnover showed no major divergence from price, confirming the validity of the recent move higher.

Implications and Forward Outlook

The market appears poised to test key resistance at $0.00913, with a potential breakout expected if bullish momentum continues. However, a pullback to the $0.00890–$0.00895 range could offer a more favorable entry point. Investors should remain cautious around the $0.00900 level, where heavy volume may result in price consolidation or reversal.