Market Overview for WAXPUSDT: 24-Hour Technical Breakdown on 2025-09-27

• WAXPUSDT traded in a 0.01745–0.01782 range over 24 hours, with a late overnight rebound to 0.01777.
• Price tested and rejected key resistance near 0.0178 and found support at 0.0176–0.0177.
• Volume spiked during 18:00–19:30 ET, signaling increased buying pressure and short-covering.
• MACD showed bullish divergence, while RSI approached oversold territory before a late rally.
• Bollinger Bands remained wide, suggesting elevated volatility, with price hovering near the upper band by morning.

WAX/Tether (WAXPUSDT) opened at 0.01747 on 2025-09-26 12:00 ET and closed at 0.01777 one day later. The pair reached a high of 0.01783 and a low of 0.01745, with a 24-hour volume of 5,867,279 WAX and a turnover of $103,562 (using average price). Price action reflected a late-night rebound following a bearish correction in the early hours.

Structure & Formations

The 24-hour chart displayed a bearish consolidation between 18:00–00:00 ET, with a key rejection at 0.01778–0.01782. A bullish engulfing pattern formed at 02:45–03:30 ET, reversing the downward move. A doji appeared at 03:00 ET, signaling indecision before a sharp recovery. Key support levels identified include 0.01768, 0.01761, and 0.01754, while resistances lie at 0.01778, 0.01783, and 0.01788.

Moving Averages

On the 15-minute chart, price moved above the 20-period and 50-period EMA, indicating short-term bullish momentum. The 50-period EMA on the daily chart remained flat, while the 200-period EMA suggested the pair is still below its long-term trend. A potential bullish crossover is likely if price sustains above 0.01772–0.01775.

MACD & RSI

The 15-minute MACD crossed into bullish territory by 02:30 ET, with a histogram showing increasing positive momentum. RSI hit oversold territory at 0.01768 but rebounded sharply, confirming a short-term bottom. By 09:00 ET, RSI approached overbought (75), suggesting a possible pullback. MACD could remain bullish for the next 24 hours if volume continues to rise with higher closes.

Bollinger Bands

Bollinger Bands remained wide throughout the period, indicating high volatility. Price traded near the lower band from 05:00–09:00 ET before breaking back into the mid-channel. A contraction in band width occurred between 04:00–05:00 ET, suggesting a possible breakout or reversal. Price now resides near the upper band, indicating potential overextension.

Volume & Turnover

Volume increased significantly between 18:00–20:00 ET, with a total of 384,631 WAX traded in one 15-minute period. This coincided with a sharp recovery from 0.01772 to 0.01782. Turnover also spiked in the early morning, confirming the bearish breakdown and later bullish reversal. Divergence was observed around 03:00–04:00 ET, where price dropped but volume lagged, indicating weak bearish momentum.

Fibonacci Retracements

Applying Fibonacci to the swing low at 0.01745 and swing high at 0.01783, the 61.8% retracement level lies at 0.01771, which coincided with a key support. The 38.2% level at 0.01763 was tested twice, with the second attempt failing due to weak volume. A break above 0.01783 could target 0.01790 (127.2% extension), while a retest of 0.01761 remains a key watchpoint.

Backtest Hypothesis

A backtesting strategy involving a long signal on a bullish engulfing pattern, confirmed by a RSI divergence and volume surge, could be tested on WAXPUSDT. Given the recent price action, a long entry at 0.01773 (formed by a 02:45–03:30 ET engulfing pattern) with a stop below 0.01768 and a target at 0.01782–0.01785 could be evaluated. The pattern’s strength was confirmed by increasing volume and a reversal from oversold RSI levels, suggesting a high-probability trade.