Market Overview for WAXPUSDT on 2025-09-10

• WAXPUSDT formed bullish momentum in 24 hours, with a 0.7% gain and a break above key resistance.
• Volatility surged in the final hours, marked by a high of $0.02024 and a 38.2% Fibonacci retracement level.
• RSI and MACD showed positive divergence, suggesting potential continuation of bullish bias.
• Notable volume expansion was seen in late trading, confirming price strength.
• Key support at $0.01983 and resistance at $0.02021 defined the 24-hour action.

Opening Narrative

WAX/Tether USDt (WAXPUSDT) opened at $0.01986 on 2025-09-09 at 12:00 ET and closed at $0.02005 as of 12:00 ET on 2025-09-10. The 24-hour high reached $0.02024, while the low touched $0.01975. Total trading volume amounted to 12,452,225.0 units, with a notional turnover of $249,039.0.

Structure & Formations

Price action over the past 24 hours displayed a strong bullish bias, characterized by a clear breakout above the $0.02010 level and the establishment of new intraday highs. The price initially traded in a narrow range between $0.01980 and $0.01995 before a sharp upward move began around 03:00 ET. A bullish engulfing pattern formed on the 15-minute chart around 03:30 ET, confirming the breakout. A key support level at $0.01983 was tested and held during the early part of the session, while resistance emerged at $0.02010 and then again at $0.02020. A doji formed at the $0.02021 level, suggesting a momentary pause in the upward thrust.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs crossed positively, indicating bullish momentum. The 20SMA moved above the 50SMA at around 03:00 ET, reinforcing the breakout. For the daily chart, the 50-period SMA was at $0.01996, and the 200-period SMA was at $0.01980, with price currently trading above both, suggesting a medium-term bullish bias.

MACD & RSI

The MACD turned bullish as the line crossed above the signal line around 03:00 ET, confirming the breakout and maintaining positive territory throughout the session. The RSI reached 62 by the end of the 24-hour period, signaling moderate strength and a move away from overbought territory. While not in overbought (above 70) or oversold (below 30) conditions, the RSI showed a positive divergence with price, hinting at potential continuation of the upward move.

Bollinger Bands

Bollinger Bands expanded significantly during the breakout phase, with price surging to the upper band. This indicates increased volatility and a possible acceleration of the trend. The bands have since stabilized, and price has remained above the midline, suggesting continued strength. A contraction in the bands occurred earlier in the session but was followed by a powerful expansion, a classic pre-breakout setup.

Volume & Turnover

Volume increased sharply during the breakout, especially between 03:00 ET and 06:00 ET, with a massive 3.3 million volume spike at 00:15 ET. Notional turnover mirrored the price action, confirming the bullish sentiment. No clear divergence between volume and price was observed, and the strong volume in the upper end of the range supports the idea of a genuine breakout rather than a false move.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing, the price retraced to 38.2% ($0.02002) and 61.8% ($0.02013) before breaking past key resistance. These levels were tested multiple times and acted as support/resistance. On the daily chart, the 61.8% retracement level of the recent bullish move is at $0.02015, now acting as a potential resistance or a pivot point.

Backtest Hypothesis

The breakout strategy based on 15-minute candlestick patterns, such as the bullish engulfing, along with the use of moving average crossover and RSI divergence, could serve as a robust entry signal. A backtest could validate the effectiveness of entering long at the close of the engulfing pattern with a stop-loss below the prior support at $0.01983 and a target at the 61.8% Fibonacci extension. This approach appears to align with the observed behavior and may offer a favorable risk-reward profile for short-term traders.