Market Overview for WAXPUSDT as of 2025-09-25

• WAXPUSDT opened at 0.01817 and closed at 0.01756 after a volatile 24-hour period.
• Price dropped from a high of 0.01826 to a low of 0.01731, showing bearish momentum.
• Volume increased notably during early morning hours, coinciding with price declines.
• RSI indicates oversold conditions, while Bollinger Bands show expansion in volatility.
• Fibonacci retracement levels around 0.01763–0.01774 appear to act as short-term resistance.

WAXPUSDT opened at 0.01817 on 2025-09-24 at 12:00 ET and closed at 0.01756 by 12:00 ET on 2025-09-25. The pair reached a high of 0.01826 and a low of 0.01731 during the 24-hour window. Total traded volume was approximately 9,003,215.0 with a notional turnover of around $163,000 (based on average price of ~0.0176).

Structure & Formations

The 24-hour candlestick chart for WAXPUSDT reveals a bearish bias marked by a long lower shadow and a wide negative body, suggesting increased selling pressure. A key support level appears to be forming around 0.0175–0.0176, where the price has repeatedly bounced or found buying interest. On the resistance side, 0.01763–0.01774 and 0.0178–0.0179 appear to be contested levels. Several bearish engulfing and dark cloud cover patterns appear around 1:00 AM and 4:45 AM ET, indicating sharp reversals. A doji at 0.01763 around 3:15 AM also signals indecision and possible exhaustion in the short-term.

Moving Averages

For the 15-minute chart, the 20-period and 50-period moving averages (SMA) show the price consistently below both, reinforcing the bearish bias. The 50-period line has acted as a key dynamic resistance, with the price failing to close above it in the past 12 hours. On the daily chart, the 50-period and 200-period moving averages also show the price below, indicating a longer-term bearish trend.

MACD & RSI

The 12/26 MACD line has crossed below the signal line and remains in negative territory, reinforcing bearish momentum. The histogram has been widening in the red zone since 12:00 AM, indicating increasing bearish pressure. RSI has dipped to oversold levels around 30-35, suggesting the possibility of a short-term bounce. However, RSI divergence with price is evident during the early afternoon hours, as the price made new lows without a corresponding RSI low, indicating possible exhaustion in the downtrend.

Bollinger Bands

Bollinger Bands have shown an expansion in volatility following the drop from 0.01826 to 0.01731, with price closing near the lower band. This suggests increased selling pressure and potential for further downward movement. A contraction phase was observed around 12:00–14:00 ET, followed by a rapid expansion, signaling increased market activity and uncertainty.

Volume & Turnover

Volume spiked significantly during the early morning hours, aligning with price declines between 2:00 AM and 5:00 AM ET, with a peak of nearly 624,610 contracts. Turnover also surged during this period, reinforcing the bearish narrative. A divergence between price and volume is observed in the last 6 hours, where volume has declined while price continues to fall—this could signal exhaustion in the bearish move.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swing from 0.01826 to 0.01731, the 38.2% level is at 0.01777 and the 61.8% level is at 0.01751. The price appears to be testing the 61.8% retracement level currently. On the daily chart, the retracement levels from the recent swing high suggest a potential support cluster between 0.0175 and 0.0176, where the price may find short-term buyers.

Backtest Hypothesis

Based on the observed bearish momentum and key support/resistance levels, a potential backtest strategy could focus on short entries around 0.01763–0.01774, with a stop-loss placed above 0.0179 and a target at 0.0173–0.0174. This aligns with the bearish engulfing patterns and RSI divergence seen during early morning hours. A long position could be considered if price closes above 0.01774, with a stop-loss below 0.01763 and a target at 0.0179. The strategy would benefit from confirming signals with volume and RSI conditions to avoid false breakouts.