WAX Market Overview: 24-Hour Price Action and Technical Insights

WAX opened at $0.02049 on 2025-08-24 12:00 ET and closed at $0.02001 on 2025-08-25 12:00 ET. The 24-hour high reached $0.02106, while the low was $0.01981. Total volume traded was 106,802,110.0 WAX, and notional turnover was $2,159,362.50 based on weighted averages.

Summary

• Price dropped sharply from $0.02106 to $0.01981, a ~6.0% bearish reversal.
• A key 15-minute bearish engulfing pattern appeared at the top of the range.
• Volatility spiked, with Bollinger Bands expanding during the sell-off.
• RSI signaled overbought conditions earlier but dropped into oversold territory.
• Volume surged during the sharp decline, confirming bearish momentum.

Structure & Formations

Price formed a distinct bearish reversal pattern during the evening hours of 2025-08-24, where a large 15-minute bearish engulfing pattern emerged at the peak of $0.02106. A doji also appeared near $0.02060, signaling indecision. Key support levels emerged at $0.02050 and $0.02017, where buying pressure temporarily held. Resistance remains at $0.02065–0.02070, where the price failed to break above during the bounce.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below key support levels, confirming a bearish bias. On the daily chart, the 50-period MA appears to be holding above the 100 and 200-period MAs, suggesting a potential short-term correction may be ahead.

MACD & RSI

The MACD showed a bearish crossover during the sell-off, with the histogram diverging downward from $0.02100 onward. RSI peaked above 70 during the rally and then collapsed into oversold territory (~30–35), indicating potential for a short-term bounce. However, the RSI divergence from the price during the rally suggests caution for further downside.

Bollinger Bands

Bollinger Bands experienced a significant expansion during the selloff from $0.02106 to $0.01981, indicating increased volatility. Price closed near the lower band, which may act as a temporary support zone. A consolidation phase could follow if volatility contracts and price remains within the bands.

Volume & Turnover

Volume surged during the sharp decline from $0.02070 to $0.01994, with a 15-minute bar recording 1.8 million WAX traded at $0.01994. This confirms bearish conviction. Turnover also spiked during the same period, aligning with price action. A divergence was noted in the late hours when price attempted to rebound but failed to attract matching volume, suggesting lack of follow-through on the upside.

Fibonacci Retracements

Applying Fibonacci to the key swing high at $0.02106 and low at $0.01981, the price is currently near the 61.8% retracement level ($0.02018). This area could serve as a pivot point in the near term. If the price breaks below $0.02018, the next Fibonacci level to watch is the 78.6% at $0.01999.

The market may continue to consolidate near current levels in the short term, but a break below key support could trigger a retest of the 2025 low. Investors should remain cautious of potential follow-through selling or a short-term bounce from the 61.8% Fibonacci level.