Market Overview: WAX/Tether (WAXPUSDT) 24-Hour Movement

Summary
• WAXPUSDT drifted lower with a bearish bias, hitting a 24-hour low of $0.0084.
• Volume surged during the downward leg, confirming the bearish momentum.
• A key support level appears at $0.0084, with a potential rebound or breakdown possible.
• RSI shows oversold conditions, hinting at a short-term bounce.

WAXPUSDT opened at $0.00879 on 2025-12-13 at 12:00 ET, reaching a high of $0.00879 and a low of $0.00839 before closing at $0.0084 on 2025-12-14 at 12:00 ET. Total volume was 18,261,780 and turnover was $155,982,846.

Structure & Formations

The price formed a declining wedge pattern over the 24-hour period, with a decisive breakdown below key support at $0.0084. Several bearish engulfing patterns appeared in the later hours of the session, reinforcing the downward pressure. A doji formed near the 24-hour low, suggesting hesitation or a possible short-term bottom.

Moving Averages

On the 5-minute chart, price closed below both the 20-period and 50-period SMAs, indicating bearish bias. On the daily chart, the 50 SMA sits at a critical level near $0.0085, with price now below the 200 SMA, suggesting longer-term bearish sentiment.

MACD & RSI

The MACD turned negative throughout the session, confirming weakening bullish momentum. RSI entered oversold territory around $0.0084, suggesting a potential near-term bounce or pullback. However, without a strong reversal candle, a continued test of support is likely.

Bollinger Bands

Volatility expanded in the late afternoon as price broke down, with the Bollinger Bands widening. Price closed near the lower band, suggesting a possible consolidation or bounce, but the width of the bands indicates elevated risk of a sharp move in either direction.

Volume & Turnover

Volume spiked during the breakdown, confirming bearish conviction. Turnover also surged as price dropped below $0.0085, showing strong selling pressure. The volume-to-price alignment supports the validity of the breakdown and suggests further downside is probable unless buyers step in with meaningful volume.

Fibonacci Retracements

Applying Fibonacci levels to the recent 5-minute swing from $0.00879 to $0.00839, price is currently near the 61.8% level, indicating a significant psychological and technical barrier. A close below $0.00839 would target the next key level at $0.00831–$0.00825. On the daily chart, the 61.8% retracement of the larger bearish leg is around $0.0082–$0.0083.

WAXPUSDT appears vulnerable to further downside in the next 24 hours, with a test of $0.00835–$0.00825 a likely scenario. However, a rebound off $0.00839 may offer a short-term buying opportunity, though risks remain skewed to the bearish side. Investors should closely monitor volume and RSI for signs of reversal or exhaustion.