WAX Market Overview: Volatility and Momentum Amid Key Levels

Generated by AI AgentAinvest Crypto Technical Radar
Monday, Jul 21, 2025 6:08 pm ET1min read
USDT
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Aime RobotAime Summary

- WAXP/USDT traded between $0.02413 and $0.02513, forming a bearish engulfing pattern at $0.02483–$0.02487.

- RSI hit oversold levels at $0.02413, while MACD showed a bearish crossover, and volume spiked at $0.02453–$0.02449.

- Key support at $0.0244–$0.0245 and resistance near $0.02495–$0.02505 suggest potential consolidation or further downside if below $0.0245.


WAX opened at $0.02488 on 2025-07-20 12:00 ET, reached a high of $0.02513, a low of $0.02413, and closed at $0.02493 by 12:00 ET on 2025-07-21. Total volume was 12,982,780 WAXP, with a notional turnover of $323,374.

Summary


• WAXP/USDT traded in a $0.02413–$0.02513 range, showing a 24-hour low of $0.02413 and a high of $0.02513.
• A bearish engulfing pattern formed at $0.02483–$0.02487 around 20:15 ET, followed by a sharp pullback.
• RSI hit oversold levels at $0.02413, suggesting a potential rebound, while MACD showed a bearish crossover.
• Volatility expanded after 22:30 ET, with a 2.4% drop in 45 minutes and a 3.2% rebound over the next 90 minutes.
• Volume spiked at $0.02453–$0.02449, signaling potential short-term support at $0.0244–$0.0245.

Structure & Formations


The price action showed a bearish engulfing candle at $0.02483–$0.02487, suggesting short-term bearish sentiment. A bullish reversal may occur near the 38.2% Fibonacci retracement level at $0.02475. Key resistance levels include $0.02495 and $0.02505, while support levels are at $0.02475 and $0.0245.

Moving Averages


On the 15-minute chart, the 20-period MA crossed below the 50-period MA, indicating a bearish bias. The 50-period MA currently sits at $0.02489, while the 20-period MA is at $0.02487. On the daily chart, the 50-period MA is at $0.02492, slightly above the 200-period MA at $0.02486, suggesting a neutral to mildly bullish bias for the longer term.

MACD & RSI


The MACD line crossed below the signal line around 20:30 ET, confirming a bearish shift in momentum. RSI hit an oversold level of 28 at $0.02413, suggesting a possible rebound. However, a bearish divergence is forming between price and RSI, which may delay a strong reversal.

Bollinger Bands


The price moved outside the lower Bollinger Band at $0.02413, indicating a high volatility phase. The bands have since widened, signaling increased uncertainty. Price is currently re-entering the band range, suggesting a potential consolidation phase.

Volume & Turnover


Volume spiked significantly at $0.02453–$0.02449, with a 203,085 WAXP volume candle confirming the pullback. Notional turnover reached $6,478 in that candle, reinforcing the short-term support. A divergence between price and volume appears at $0.02483–$0.02487, where volume did not confirm the bearish move.

Fibonacci Retracements


On the 15-minute chart, key Fibonacci levels include 38.2% at $0.02475 and 61.8% at $0.02443. Price found temporary support at $0.0245–$0.02455, suggesting a potential bounce. On the daily chart, the 38.2% retracement is at $0.02475, and the 61.8% is at $0.02443.

WAXP/USDT may consolidate near $0.0249–$0.02495 in the near term, with a potential test of support at $0.02475. A break below $0.0245 could trigger further downside. Investors should remain cautious of potential volatility and divergences in RSI and volume.