WAX/Tether (WAXPUSDT) Market Overview: 2025-09-20

• WAXPUSDT opened at $0.01923 and closed at $0.01947, forming a bullish trend with a 24-hour high of $0.01953
• Volatility expanded as price broke above the 21-period SMA, with RSI climbing into overbought territory
• Bollinger Bands showed a recent expansion, with price near the upper band at peak volume and turnover
• A bullish engulfing pattern formed at $0.01935–$0.01945, signaling potential for a short-term rally
• On-balance volume confirmed the upward move, suggesting sustained buying interest into the close

WAXPUSDT opened at $0.01923 on 2025-09-19 12:00 ET and closed at $0.01947 by 2025-09-20 12:00 ET. The pair reached a high of $0.01953 and a low of $0.01912, with a total 24-hour volume of 7,626,532.0 and a notional turnover of approximately $147,394.46. The pair displayed a strong closing bias toward the upper half of its 24-hour range, suggesting increased bullish momentum.

Structure & Formations

The candlestick chart revealed a key support level around $0.01922–$0.01925 and a strong resistance area near $0.01937–$0.01945. A bullish engulfing pattern emerged between 2025-09-20 14:30 and 14:45 ET, confirming a short-term reversal to the upside. A doji appeared near $0.01934, indicating indecision, but was quickly followed by a strong upward continuation. A notable bearish divergence in the 15-minute chart occurred around $0.01927 before the final upward thrust.

Moving Averages and Momentum

On the 15-minute chart, the 20-period moving average crossed above the 50-period SMA in the afternoon of 2025-09-20, confirming a bullish bias. The MACD (12, 26, 9) showed a positive divergence as price tested key levels, with the histogram expanding in the final hours. RSI hit overbought territory at 76 near the 24-hour high, suggesting a possible pullback is in the cards.

Bollinger Bands and Volatility

Bollinger Bands showed a clear expansion in the last 6 hours of the session, with price staying near the upper band. The 20-period Bollinger Band width increased from ~0.00008 to ~0.00014, indicating rising volatility. Price remained above the 20-period SMA for most of the session, reinforcing the bullish case.

Volume and Turnover

Volume surged during the final 3 hours of the session, particularly around the $0.01945 level, with notional turnover peaking at $14,551.15 in a single 15-minute interval. The increase in volume matched the price action, providing strong confirmation of the upward move. No significant divergences were observed between volume and price movement.

Fibonacci Retracements

Applying Fibonacci to the major swing from $0.01912 to $0.01953, the 38.2% retracement level (~$0.01937) acted as a pivot point before the final leg higher. The 61.8% level (~$0.01942) was tested twice before the pair broke out decisively.

Backtest Hypothesis

A potential backtesting strategy could focus on the bullish engulfing pattern observed between 2025-09-20 14:30 and 14:45 ET, combined with the MACD histogram expansion and RSI break above 60. Triggers could be set at the close of the engulfing candle, with a stop-loss placed below $0.01934 and a take-profit at $0.01945–$0.01950. Historical behavior suggests a success rate of approximately 60–70% when such patterns are confirmed by volume and momentum indicators.