WAXPUSDT Market Overview: 24-Hour Price Action and Technical Signals

• WAXPUSDT traded lower overnight, forming a bearish 24-hour pattern with key support at 0.0177
• Price broke below 0.018 after a failed rally near 0.01806, with bearish momentum confirmed by RSI and volume
• Volatility expanded during early ET hours, with price swinging between 0.01749 and 0.01823
• Bollinger Bands widened and price closed near the lower band, signaling oversold conditions
• MACD turned negative mid-day, confirming downward pressure amid increasing bear volume

WAX/Tether (WAXPUSDT) opened at 0.01804 on 2025-09-23 at 12:00 ET and closed at 0.01802 on 2025-09-24 at the same time, with a 24-hour high of 0.01823 and low of 0.01749. The pair traded bearish on high volume, with total 24-hour volume of 16,802,828 and turnover estimated at $295,452. The price action shows a consolidation phase after a sharp decline.

Structure & Formations

The 24-hour chart shows key support at 0.0177 and resistance at 0.01806, with price testing both levels multiple times. The morning rally from 0.0177 to 0.01806 failed to hold, forming a bearish divergence with RSI. Notable patterns include a bearish engulfing pattern at 0.01803 and a doji at 0.01781, suggesting indecision in buyer sentiment.

Moving Averages

On the 15-minute chart, WAXPUSDT is below both the 20-period (0.01797) and 50-period (0.01801) moving averages, indicating short-term bearish bias. On the daily chart, the 50-period MA at 0.01806 acts as a key resistance, with price failing to close above it for a bullish signal. The 200-period MA sits at 0.0179, suggesting a neutral to bearish medium-term outlook.

MACD & RSI

MACD turned negative around 03:30 ET and has remained bearish, confirming the downtrend. RSI reached oversold territory near 0.01776 in the early hours of 09-24, then rebounded slightly but remains below 40, indicating continued bearish momentum. The RSI divergence during the 04:30–06:00 ET rally is a key bearish signal.

Bollinger Bands

Bollinger Bands widened significantly between 04:15 and 06:00 ET as volatility increased, with price reaching the lower band at 0.01759. Since then, price has remained near the lower band, reinforcing oversold conditions and a likely continuation of the downtrend. The band contraction from 02:00 to 03:00 ET suggests a potential breakout setup.

Volume & Turnover

Volume surged during the 04:15–05:00 ET sell-off, confirming the breakdown below 0.0180. The largest 15-minute volume candle at 04:15 ET had 1,674,423 traded units, coinciding with a drop from 0.01769 to 0.01759. Turnover diverged from price during the 02:00–03:00 ET consolidation phase, suggesting a possible false recovery. Overall, bear volume has dominated the 24-hour session.

Fibonacci Retracements

Applying Fibonacci to the recent 0.0180–0.01776 swing, the 61.8% retracement level is at 0.01788, a key area for potential bounces. Price tested this level multiple times but failed to hold. On the larger daily swing (0.01823–0.0177), the 38.2% retracement level at 0.01795 has been a minor resistance. The 61.8% level at 0.01792 is currently under pressure.

Backtest Hypothesis

A potential backtesting strategy could involve a short bias when price closes below the 50-period moving average and RSI drops below 40, confirmed by volume surging above 200,000 units. Stop-loss could be placed above the 61.8% retracement at 0.01792, with a target near 0.01775 (oversold zone). This setup would focus on capturing momentum during the current bearish phase, provided the breakdown from key support remains intact.