Market Overview for WAX/Tether (WAXPUSDT)

Summary
• Price action shows consolidation near 0.00873–0.00875 on fading volume.
• A bearish divergence in RSI suggests potential reversal near 0.00874.
• Volatility expanded during the 2–5 AM ET window, with 0.00868–0.0087 acting as a key range.

24-Hour Performance

At 12:00 ET–1, WAX/Tether (WAXPUSDT) opened at 0.00893 and traded between 0.0086 and 0.00897 over the next 24 hours, closing at 0.00871 at 12:00 ET. The total trading volume amounted to 18.6 million, while the notional turnover was approximately $162,365.

Structure and Key Levels

Price action on the 5-minute chart showed a series of consolidation patterns and a bearish engulfing pattern forming near 0.00874–0.00875. The 0.00873–0.00875 range appears to offer resistance, with 0.0087 acting as a critical support level. A 50-period moving average on the 5-minute chart currently sits at 0.00874, aligning with the upper boundary of the recent consolidation.

Momentum and Oscillators

The RSI has flattened near the 50 level after a brief overbought move into the 60s, suggesting waning upward momentum. MACD appears to be flattening, with the signal line catching up, pointing to potential momentum exhaustion. Bollinger Bands expanded during the 2–5 AM ET window, with price settling near the lower band at the close, suggesting a possible short-term bounce.

Volume and Divergences

Volume spiked sharply between 02:00–05:00 ET during a price decline, confirming bearish momentum. However, the most recent rally into 0.00874–0.00875 was on weaker volume, creating a potential bearish divergence. Turnover during the key bearish phase totaled approximately $30,000, with no significant confirmation on the latest rally.

Fibonacci Retracements

Applying Fibonacci to the 0.0086–0.00897 swing, the 0.00874 level corresponds to the 38.2% retracement, acting as a psychological barrier. The 61.8% retracement at 0.00879 could serve as a near-term resistance if the trend reverses.

Price may test the 0.0087 support level in the coming 24 hours, with a potential bounce or break depending on volume confirmation. Investors should remain cautious of a possible breakdown below 0.0087, which could open the path toward 0.00865.