Market Overview for WAX/Tether (WAXPUSDT) – 24-Hour Analysis as of 2025-09-23

• WAXPUSDT closed near 0.01802 after a 0.65% rally from 0.01789 at 12:00 ET.
• Momentum accelerated with late-day buying, pushing past the 0.0180 level.
• Volatility expanded as the 15-minute range hit 0.00024 (1.36%), with volume surging to $11.4M.
• A bullish engulfing pattern formed near 0.0179–0.0180, suggesting potential near-term support.
• RSI hit 58 at close, with MACD turning positive; no overbought signals yet.

Price Action and Context

WAXPUSDT opened at 0.01789 on 2025-09-22 at 12:00 ET, reaching a high of 0.01807 and a low of 0.01766 before closing at 0.01802 on 2025-09-23 at 12:00 ET. The 24-hour volume totaled 29.4 million tokens, with a notional turnover of $5.23 million. The pair exhibited a clear late-day bullish breakout from its intraday trading range, especially from 11:45 ET onward.

Structure and Key Levels

The 24-hour chart showed a bullish reversal from a short-term support zone between 0.01776 and 0.0178, which was tested multiple times before a decisive break above 0.0180. A bullish engulfing candle appeared at 11:45 ET (0.018–0.01803), confirming strength after a prior bearish divergence in the 04:45–06:00 ET timeframe. Key resistance levels appear at 0.01807 (intraday high) and 0.0181, while 0.01796 acts as immediate support. A long-legged doji at 05:15 ET (0.01774) and a bearish harami at 01:15–02:15 ET signaled indecision in early trading.

Momentum and Indicators

The RSI climbed from 48 at 07:00 ET to 58 at close, indicating moderate strength without entering overbought territory. MACD turned positive after 08:45 ET, with the line crossing above the signal line and the histogram showing growing bullish momentum. The 20-period and 50-period moving averages on the 15-minute chart crossed in a bullish “golden cross” at 10:15–10:45 ET. Bollinger Bands expanded significantly in the last 6 hours, with prices closing near the upper band, suggesting a continuation of the upward trend may be likely if volume remains strong.

Fibonacci and Volume Analysis

Applying Fibonacci retracement levels to the 0.01766–0.01807 swing, the 0.01802 close aligned with the 61.8% retracement level, suggesting a potential consolidation target before a further push toward 0.0181. On the volume front, the $11.4 million notional turnover was concentrated in the last 8 hours of the 24-hour period, particularly during the 09:00–11:45 ET window. This suggests institutional buying may be influencing the short-term trend.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions upon a bullish engulfing pattern forming above the 50-period 15-minute moving average, with a stop-loss placed below the nearest Fibonacci 61.8% retracement level. Given the recent momentum and alignment of RSI and MACD with the pattern, this setup appears to have a high signal-to-noise ratio and could be validated over historical data to assess win rate and risk-adjusted returns.