Latest WAX (WAXP) Price Analysis

TLDR
WAX (WAXP) is up 0.88% over the past 24h but underperformed the broader crypto market (+2.54%). Here are the key drivers:
1. Web3 Gaming Weakness – Sector-wide decline dampens demand for WAX’s gaming-focused blockchain.
2. Upbit Liquidity Shock – Temporary suspension of deposits/withdrawals (5 Aug) may have lingering effects.
3. Technical Resistance – Price struggles below key moving averages, signaling bearish momentum.

Deep Dive

1. Web3 Gaming Slowdown (Bearish Impact)

Overview: The web3 gaming sector saw a 17% drop in daily active users in Q2 2025, with funding down 93% YoY (DappRadar). While WAX led in transaction volume (6.3M daily), declining interest in play-to-earn models and shuttered projects like The Walking Dead: Empires weigh on sentiment.

What this means: WAX’s niche in gaming NFTs and microtransactions faces headwinds as developers pivot to AI and infrastructure. Reduced user activity could lower network utility, pressuring WAXP’s burn-and-earn model.

2. Upbit Wallet Suspension (Mixed Impact)

Overview: Upbit halted WAXP deposits/withdrawals on 5 August for wallet upgrades, disrupting liquidity (CoinMarketCap). Trading remained active, but the event likely spooked short-term traders.

What this means: While the suspension was routine, it highlighted WAXP’s reliance on key exchanges. Reduced accessibility may have amplified selling pressure during broader market rallies.

3. Technical Bearish Signals (Neutral Impact)

Overview: WAXP trades below its 30-day SMA ($0.0213) and 200-day EMA ($0.0251). The MACD histogram (-0.00006) and RSI (44.13) suggest weak momentum but no oversold extremes.

What this means: Traders may view the 23.6% Fibonacci retracement ($0.024) as a near-term resistance. A break above could signal reversal, while failure risks retesting June’s $0.0195 low.

Conclusion

WAXP’s muted 24h performance reflects sector-specific struggles and technical indecision. While its deflationary tokenomics (3.9% inflation rate) and upcoming NFTOPIA 5 Metaverse event (16-17 Aug) offer long-term potential, short-term sentiment remains tied to gaming’s recovery.

Key watch: Can WAXP hold $0.020 support, or will weakening RSI trigger a retracement toward $0.0195?

TLDR WAX (WAXP) rose 0.81% over the last 24h, slightly outperforming the broader crypto market (+0.57%). The uptick aligns with bullish technical signals and event-driven speculation around its Web3 gaming ecosystem.

1. NFTOPIA 5 Metaverse Event (Bullish Impact) – Anticipation for WAX’s role in a major Web3 expo drove short-term interest.
2. Technical Rebound (Mixed Impact) – Price stabilized near key support levels after a 16.8% 30-day decline.
3. Market Sentiment Shift (Neutral Impact) – Neutral crypto fear/greed index allowed niche alts like WAX to gain attention.

Deep Dive

1. NFTOPIA 5 Metaverse Convention (Bullish Impact)

Overview: The NFTOPIA 5 Metaverse Convention (16–17 August 2025) positions WAX as a core blockchain partner alongside projects like Splinterlands. The event features NFT drops, gaming demos, and 100M $WUF token giveaways, driving speculation about ecosystem engagement (AMBCrypto).

What this means: Event-driven buying often precedes major Web3 expos, as traders price in potential user growth or partnerships. WAX’s historical focus on NFTs/gaming aligns with NFTOPIA’s theme, though sustained upside depends on post-event adoption metrics.

What to look out for: Post-event attendance figures and NFT trading volume on WAX-linked platforms like AtomicMarket.

2. Technical Rebound from Key Levels (Mixed Impact)

Overview: WAXP found support near its 21-day EMA ($0.0205), with RSI (47.7) indicating neutral momentum. The price sits above the 78.6% Fibonacci retracement level ($0.02077), a critical zone for trend reversals.

What this means: Traders may interpret this consolidation as a buying opportunity after a 17% 90-day decline. However, bearish MACD (-0.00035) and declining 30-day SMA ($0.02148) suggest resistance at $0.021–$0.022 remains strong.

3. Altcoin Sentiment & Market Dynamics (Neutral Impact)

Overview: While Bitcoin dominance dipped to 58.67% (from 59.32% yesterday), the Altcoin Season Index remains low at 43, signaling muted risk appetite. WAX’s 24h volume ($3.68M) rose 4.3% despite broader crypto liquidity dropping 10.6%.

What this means: WAX’s micro-cap status ($90.6M) allows smaller capital flows to disproportionately impact price. The token’s 10.3% 60-day gain hints at accumulating interest in gaming-focused chains amid sector consolidation.

Conclusion

WAX’s 24h gain reflects a mix of event anticipation and technical positioning, though macro headwinds in Web3 gaming persist. The NFTOPIA expo could validate WAX’s utility if it drives measurable user growth, but traders should monitor whether the bounce holds above $0.0205.

Key watch: Can WAXP reclaim its 30-day SMA ($0.02148) post-NFTOPIA, or will broader market weakness cap gains?