WAXPUSDT Market Overview: 24-Hour Price Surge Amid Rising Volatility

• WAX/Tether rallies 2.7% as price breaks above 0.0120 and holds key resistance.
• Strong volume expansion in the morning hours suggests bullish accumulation.
• RSI shows overbought conditions, hinting at possible short-term pullback.
• Bollinger Bands widen, reflecting rising volatility after 19:00 UTC.
• Engulfing pattern confirmed at 0.0120, signaling a potential trend reversal.

At 12:00 ET–1 on 2025-11-07, WAX/Tether (WAXPUSDT) opened at 0.01171, hitting a high of 0.01234 before closing at 0.01201 by 12:00 ET on 2025-11-08. The pair traded within a 0.01167–0.01234 range over the 24-hour period. Total notional volume amounted to ~296.4 million USDT, with 4.7 billion WAXP exchanged.

The pair displayed a clear reversal pattern as prices surged past 0.01200 in the afternoon. An engulfing candle confirmed this breakout, with bullish conviction. The 20SMA and 50SMA have both risen above prior resistance levels, suggesting continued strength. The 50SMA currently sits at 0.01198, crossing above the 20SMA at 0.01192, indicating a potential short-term bullish bias.

Structure & Formations

Price found significant support at 0.01190 and 0.01175, with the latter holding as a secondary level after a brief test on the morning of 2025-11-08. A bullish engulfing pattern formed on the 0.01200 level, signaling a potential trend reversal from bearish to bullish. A doji appeared near 0.01216, indicating indecision but not breaking the bullish momentum.

Moving Averages

On the 15-minute chart, the 20SMA (0.01192) and 50SMA (0.01198) crossed to the upside, forming a bullish "golden cross." On the daily chart, the 50DMA (0.01187) is below the 200DMA (0.01182), indicating long-term bearish bias, though the short-term crossover may signal a potential short-term reversal.

MACD & RSI

The 15-minute MACD has turned positive and crossed above the signal line, with a rising histogram suggesting building momentum. RSI reached overbought territory (~65) in the late morning, hinting at a possible pullback or consolidation. However, prices have held above 0.01200 without a significant bearish reversal in RSI.

Bollinger Bands

Bollinger Bands widened after 19:00 UTC, indicating rising volatility. Prices have traded near the upper band for most of the session, with a few excursions beyond it. This suggests strong bullish momentum, though a return to the middle band could signal a short-term correction.

Volume & Turnover

Volume spiked in the early morning hours, with the 15-minute candle at 00:30–00:45 ET–1 seeing the highest notional turnover of $745k. Turnover then declined slightly in the afternoon, but a second surge occurred between 16:15 and 16:30 ET, coinciding with the breakout above 0.01234. The overall volume profile is skewed bullish, with no signs of divergence between price and volume.

Fibonacci Retracements

Fibonacci retracements from the recent 0.01167–0.01234 swing showed key levels at 0.01194 (38.2%), 0.01211 (61.8%), and 0.01227 (78.6%). Prices broke above the 61.8% level and tested the 78.6% level, suggesting a possible continuation of the upward move. The next target area could be the 100% extension near 0.01247.

Backtest Hypothesis

To assess the robustness of the recent breakout, a backtest using the 90-day high as a resistance proxy could offer valuable insights. The recent price surge above 0.01234 aligns well with a Donchian-style breakout. This approach could be tested for its average post-breakout performance, including average holding periods, win rates, and risk-adjusted returns. Using WAXPUSDT’s historical data from 2022-01-01 to 2025-11-08 would allow for a comprehensive evaluation. The results could inform whether this breakout is a meaningful signal or a one-off event.

In the short term, WAXPUSDT appears to be in a bullish setup, with strong volume and price confirmation of key resistance levels. If the pair holds above 0.01200, it could test 0.01234–0.0125 as the next target. However, a drop below 0.01190 could invalidate the bullish case and trigger a short-term pullback. Investors should watch for RSI divergence or a breakdown of the 50SMA as potential warning signs.