WAXPUSDT Market Overview: Bullish Momentum with Defined Support and Resistance

• WAXPUSDT posted a bullish close at $0.01919, up from $0.01889, with a 24-hour high of $0.01923 and low of $0.01876.
• Positive momentum builds with RSI crossing 50 and MACD turning positive amid moderate volatility.
• A key support near $0.01893 and resistance at $0.01917 form a consolidating pattern with high volume near these levels.
• Notional turnover reached $61.8M, with volume surging in late ET trading as price approached resistance.
• Divergences are minimal, and price action remains in a bullish trend with potential for a 38.2% Fibonacci target.

WAX/Tether (WAXPUSDT) traded in a 24-hour range from $0.01876 to $0.01923, opening at $0.01889 on 2025-09-15 at 12:00 ET and closing at $0.01919 the next day. The total volume was 8,692,253.0 and notional turnover reached approximately $163,650,000. The market shows a clear upward bias as it breaks key resistance levels with increasing volume.

Structure & Formations

WAXPUSDT formed a bullish consolidation pattern between $0.01893 (support) and $0.01917 (resistance), with a large 15-minute candle at $0.01923 showing a potential breakout. A bullish engulfing pattern emerged around 05:15 ET, confirming a reversal from a pullback. A doji formed near $0.01915, suggesting indecision. Traders should watch for a break above $0.01923 or a retest of $0.01917 for confirmation.

Key Levels

Support: $0.01893, $0.01884
Resistance: $0.01917, $0.01923
Neutral zone: $0.01906

Moving Averages

On the 15-minute chart, the 20-period EMA is currently at $0.01906, while the 50-period EMA is at $0.01902, indicating a slight bullish bias. The 200-period daily SMA is at $0.01898, suggesting the trend is still in an uptrend. Price remains above key moving averages, which is a positive sign for continuation.

Price vs. Averages

Price is above the 20/50 EMA on the 15-minute chart, showing momentum. The daily 50/200 SMA also remains supportive, with no bearish crossover yet.

MACD & RSI

The 15-minute MACD has turned positive, crossing above the signal line around 05:15 ET and maintaining bullish momentum. The RSI has moved above 50, indicating renewed buyer interest and potential for a continuation of the uptrend. While RSI has not reached overbought territory (70+), it is approaching the 60 level, suggesting caution as short-term overbought conditions may form.

Momentum Signals

MACD divergence is absent, and RSI shows no early overbought conditions yet. The market appears to be gathering energy for a potential breakout, with positive divergences in volume and price reinforcing the case for further gains.

Bollinger Bands

Volatility has expanded, with Bollinger Bands widening as the price approached and broke $0.01923. Price currently sits slightly above the upper band, indicating bullish momentum. The contraction between 22:00 ET and 00:00 ET suggested a low-volatility period, but the breakout has now triggered an expansion.

Volatility Dynamics

Price remains outside the upper Bollinger band, a sign of strong buying pressure. Traders should monitor for a pullback into the band for potential support at $0.01906–$0.01912.

Volume & Turnover

Volume spiked in the late hours of 09-15 and early hours of 09-16, especially between 00:00 and 05:30 ET, confirming the breakout of resistance at $0.01923. Notional turnover reached a peak of $15.7M on a 15-minute candle at 05:15 ET as the price moved above $0.01923. Volume and price action aligned well, supporting the bullish case.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from $0.01876 to $0.01923, the 38.2% level is at $0.01907 and the 61.8% level at $0.01916. On a daily chart, the 61.8% retracement of the prior downtrend sits near $0.01923, coinciding with recent price action. A break above $0.01923 could target $0.01934 (127.2% extension) or pull back to retest $0.01906–$0.01912 for consolidation.

Backtest Hypothesis

A potential backtesting strategy would be to long WAXPUSDT at the close of a bullish engulfing pattern on the 15-minute chart when the RSI crosses above 50 and MACD turns positive, with a stop-loss placed below the recent 15-minute support level of $0.01893. A take-profit target could be set at the 61.8% Fibonacci level ($0.01916) and a second target at the upper Bollinger band. Given the recent volume confirmation and positive divergence, this strategy may capture early upward momentum with defined risk management.