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

Summary
• Price tested key resistance at $0.00908 but reversed, signaling bearish momentum.
• Volume spiked during the early session but waned after 02:00 ET, with turnover diverging from price.
• RSI remains below 50, indicating weak bullish conviction, while volatility remains elevated in the morning hours.

WAX/Tether (WAXPUSDT) opened at $0.00895 on 2025-12-06, hit a high of $0.00917, a low of $0.00892, and closed at $0.00893 on 2025-12-07 at 12:00 ET. Total volume reached 11.6 million, with a turnover of $103,390.

Structure & Formations

Price formed a bearish engulfing pattern around $0.00908 at 18:30 ET and failed to reclaim the level afterward. A key support level emerged at $0.00897, where buying pressure briefly halted the decline during the late morning session. The price action suggests $0.00895 could become a near-term support, with the 23.6% Fibonacci retracement aligning with it.

Moving Averages and Momentum

The 20-period and 50-period moving averages on the 5-minute chart remained below the price, reinforcing a bearish bias. RSI declined to 30 by 06:00 ET, pointing to oversold territory, though price failed to follow through with a reversal. MACD showed a negative crossover late morning, with bearish divergence evident in the momentum profile.

Volatility and Bollinger Bands

Volatility spiked in the early session with a high-low spread of over 1.5%, followed by a noticeable contraction after 02:00 ET. Price remained within the upper and lower Bollinger Bands most of the day, with a brief touch of the upper band at $0.00917 before reversing sharply.

**

Volume and Turnover Analysis

Volume peaked at 681,708 during the 19:15 ET candle, coinciding with the high of $0.0091. However, turnover declined despite a prolonged move lower after 01:00 ET, suggesting waning bearish conviction. A divergence between volume and price was visible between 07:00 and 08:30 ET, where price declined but volume stayed muted.

**

Forward-Looking View

WAXPUSDT may consolidate between $0.00895 and $0.00905 in the near term, with a potential test of the $0.00908 level to confirm bearish momentum. A close below $0.00895 could trigger further downside toward $0.00891. Investors should watch for divergences in RSI and volume as potential reversal signals.