WAX Market Overview

• WAXPUSDT broke above 0.0217 during the session but faced resistance at 0.0219–0.0220.
• Price declined sharply in the final 4.5 hours, closing near 0.02094 as selling pressure increased.
• Volume spiked during the late-night rally, but turnover failed to confirm the bullish move.
• RSI overbought at 0.0219–0.0220 and oversold at 0.02094, suggesting potential reversal points.
• 15-minute Bollinger Bands showed mild expansion during the decline, signaling rising volatility.

WAXPUSDT opened at $0.0215 on August 10, reached a high of $0.0220, a low of $0.02083, and closed at $0.02094 by 12:00 ET on August 11. The 24-hour volume was ~38.8 million WAX, and notional turnover totaled ~$828,000, showing strong participation despite mixed momentum.

Structure and Key Levels

WAXPUSDT formed a bearish continuation pattern from late night into the early morning, with price failing to hold above the 0.0219–0.0220 resistance zone. A large bearish engulfing pattern emerged around 03:15–05:30 ET, confirming downward momentum. A key support level was identified near 0.02094–0.02106, where price found temporary buying interest.

Short-Term and Long-Term Moving Averages

On the 15-minute chart, the 20-period MA moved below the 50-period MA during the late-night sell-off, indicating bearish momentum. On a daily basis, the 50/100/200 MA alignment suggests a longer-term neutral trend, with no clear dominance in either direction.

Momentum and Overbought/Oversold Conditions

The RSI reached overbought territory during the late-night rally but quickly reversed into oversold levels as the price dropped sharply. This divergence suggests a lack of conviction in the earlier bullish move. The MACD showed a bearish crossover during the decline, reinforcing the downward bias.

Volatility and Bollinger Bands

Bollinger Bands widened during the early morning sell-off, reflecting increased volatility. Price closed near the lower band, indicating potential support in the short term. However, this position may not hold unless buyers step in to confirm a reversal.

Volume and Turnover Analysis

Volume surged during the late-night rally to 0.0220, but notional turnover failed to follow suit, hinting at possible profit-taking or shallow demand. In contrast, the recent decline saw a steady increase in volume, particularly after 11:00 ET, suggesting stronger bearish conviction in the final hours of the session.

Fibonacci Retracements

Applying Fibonacci to the 0.0215–0.0220 rally, the 61.8% level at ~0.0217 aligns with the current closing price. A breakdown below this level may trigger a move toward the 50% retracement at ~0.02145.

The next 24 hours could bring consolidation if buyers test the 0.02094–0.02106 support. A retest of 0.0215 could follow, though failure to hold above 0.02083 may open the door to further downside. Investors should remain cautious about extended bearish momentum unless a clear reversal pattern or strong bullish confirmation emerges.