WAX/Tether Market Overview: 2025-10-29 24-Hour Analysis

• WAX/Tether (WAXPUSDT) closed near session low after a sharp midday selloff, with volume spiking during the decline.
• Key support tested near 0.01298–0.01302 as price failed to hold above 0.01305.
• Volatility expanded sharply during the afternoon, with price moving ~1.2% in 2.5 hours.
• Momentum indicators suggest potential for further near-term consolidation or short-term bounce from oversold levels.

WAX/Tether (WAXPUSDT) opened at 0.01331 on 2025-10-28 12:00 ET and traded as high as 0.01341 before closing at 0.01298 on 2025-10-29 12:00 ET. The 24-hour low was 0.01284, with total volume of 19.8 million WAX and a notional turnover of approximately $266,000. Price action revealed a bearish reversal after a failed breakout attempt above 0.01305.

Structure and formations on the 15-minute chart show key support forming between 0.01298 and 0.01302, as price failed to hold above the 0.01305 level during the afternoon. A notable bearish engulfing pattern appeared at 0.01303–0.01305, coinciding with a volume spike. The 0.01298 level acted as a temporary floor in the final hours, suggesting a potential pivot point for short-term buyers.

Moving averages on the 15-minute chart show price closing below the 20-period (0.01307) and 50-period (0.01311) SMAs, reinforcing the bearish bias. The 1-hour RSI indicates oversold territory in the final hours, with a reading of ~28, suggesting potential for a minor rebound. MACD appears to have crossed below the signal line earlier in the session, which may indicate ongoing bearish momentum.

Bollinger Bands expanded significantly during the midday selloff, with price breaching the lower band at 0.01298 before bouncing slightly. Volatility remains elevated, and the band width suggests increased uncertainty. On the Fibonacci retracement side, price tested the 61.8% level of the recent swing (0.01331–0.01284) near 0.01298, reinforcing the potential for near-term consolidation.

Price action has shown a clear breakdown from key psychological levels, with volume intensifying during the decline. Short-term buyers may step in at 0.01298–0.01302, but a close below 0.01295 could trigger further selling. Momentum indicators are mixed, suggesting a possible short-covering bounce in the next 24 hours, though risks remain skewed to the downside. Investors should closely watch for a rejection at 0.01298 and a potential rebound toward 0.01305.

Backtest Hypothesis: The MACD crossover is a commonly used momentum strategy that could be adapted for WAXPUSDT. Given the current divergence between price and turnover, and the recent death cross on the 15-minute chart, a backtest using a short-on-death-cross strategy might be insightful. If MACD could be successfully retrieved or computed, a strategy based on the 12/26 EMA crossover could be backtested for entry signals. Volume confirmation would be critical—entries should be favored when volume spikes align with the cross. A stop-loss near 0.01290 and a take-profit near 0.01305–0.01308 could form part of a structured approach to managing this volatile environment.