WAX/Tether Market Overview: 24-Hour Price Behavior and Key Technical Levels

Summary• WAXPUSDT fell from a 24-hour high of $0.01259 to close near $0.01249, down 0.48% in a bearish consolidation.• Momentum slowed as RSI declined below 50 and MACD flattened, hinting at a short-term pullback.• Volatility expanded midday, with price dropping below key 15-min Bollinger support levels.• Turnover increased by ~12% in the latter half of the day, highlighting growing bearish sentiment.• No major candlestick reversal patterns emerged, but a 61.8% Fibonacci retracement at $0.01243 acted as a psychological floor.

WAX/Tether (WAXPUSDT) opened at $0.01249 on 2025-11-12 at 12:00 ET - 1, hitting a high of $0.01259 and a low of $0.01164, closing at $0.01249. The 24-hour volume was approximately 24.4 million contracts, with a notional turnover of ~$300,000. Price action showed a bearish pullback from intraday highs amid moderate volatility.

Structure & Formations

Price action on WAXPUSDT displayed a bearish correction over the 24-hour window. Notable support levels emerged at the 61.8% Fibonacci retracement of $0.01243, which prevented further downside. Resistance appears to be forming near the $0.01259 high, where price stalled earlier. A bearish engulfing pattern did not materialize, but a series of lower highs and lower lows suggest continued caution.

Moving Averages and MACD/RSI

The 20-period and 50-period moving averages on the 15-minute chart crossed below the price late in the day, signaling a potential bearish bias. RSI dropped below 50, indicating waning bullish momentum, and MACD flattened near the zero line, suggesting a period of consolidation. While not overbought or oversold, the metrics point to a potential test of support in the near term.

Bollinger Bands and Volatility

Volatility spiked around 21:00 ET as price fell below the lower Bollinger band and remained there for several hours, suggesting a period of bearish dominance. The bands later widened, indicating renewed uncertainty in the market. However, price rebounded toward the middle band by the final hours of the window.

Volume and Turnover

Volume was unevenly distributed, with a sharp increase in the latter half of the 24-hour window. Turnover grew significantly as price dropped from $0.01259 to $0.01243, reflecting increased bearish participation. However, volume failed to confirm a strong breakout to the downside, hinting at potential exhaustion near key support levels.

Fibonacci Retracements

Recent swing levels on the 15-minute and daily charts suggest that the 61.8% Fibonacci retracement at $0.01243 may hold as a critical support level. Price action in the last hour of the 24-hour period showed signs of bouncing off this level, potentially setting up for a near-term bounce or a continuation of the consolidation phase.

Backtest Hypothesis

A proposed backtest strategy aimed to identify and evaluate Bearish Engulfing patterns on WAXPUSDT from January 2022 to November 2025. However, no daily Bearish Engulfing signals were detected during this period, preventing the backtest from being executed. This absence may indicate a lack of strong bearish momentum or a need to refine the pattern criteria (e.g., adjusting to a 4-hour timeframe or including near-engulfing patterns). Alternatively, a broader bearish strategy using RSI and MACD signals could be more viable for future testing.