Latest WAX (WAXP) Price Analysis

Deep Dive

1. Technical Breakout (Bullish Impact)

Overview: WAXP’s price broke above its 7-day SMA ($0.020009) and EMA ($0.020153), while the MACD histogram turned positive (+0.000137) for the first time in weeks. The RSI-7 (67.64) nears overbought territory but remains below the 70 threshold that often precedes corrections.

What this means: Short-term traders likely interpreted the MACD crossover and SMA breakout as a bullish signal, triggering buy orders. However, the 200-day EMA ($0.0245) remains a critical resistance level 18% above current prices.

What to watch: Sustained closes above $0.0211 (Fibonacci 38.2% retracement) could signal further upside.

2. Ecosystem Expansion (Mixed Impact)

Overview: WAX Labs announced a $10K bounty program on July 23 to onboard playable games, while the August 19 launch of WharfKit + Cloud Wallet simplified developer integration. These initiatives contrast with Q2 2025’s 17% decline in Web3 gaming activity industry-wide (DappRadar).

What this means: While WAX’s transaction volume (6.3M daily) remains sector-leading, the broader gaming downturn creates headwinds. Recent developer-focused upgrades aim to counter this by lowering entry barriers for studios.

3. Supply Dynamics (Bullish Impact)

Overview: WAX’s PowerUp mechanism burned 0.73% of the circulating supply over the past 90 days, reducing net inflation to 3.9% as of June 12 (WAX Twitter).

What this means: Increased network usage translates to deflationary pressure—a key narrative for traders in a market where 65% of top 100 cryptos still have inflationary models.

Conclusion

WAXP’s 24h gain reflects a combination of technical momentum, strategic ecosystem investments, and unique tokenomics that reward usage over speculation. While the broader Web3 gaming sector remains challenged, WAX’s focus on developer tools and supply constraints positions it as a relative outperformer.

Key watch: Can WAX maintain transaction volume above 6M/day post-NFTOPIA 5 Metaverse Convention (August 16–17), or will fading event hype test recent gains?

Deep Dive

1. Technical Resistance (Bearish Impact)

Overview: WAXP’s price ($0.0199) sits below its 30-day SMA ($0.0203), signaling short-term bearish momentum. The RSI (49.31) shows neutral sentiment, but failure to reclaim the $0.0207 pivot point suggests weak buying pressure.

What this means: Traders often interpret prices below key averages as a signal to reduce exposure. The lack of bullish volume (24h turnover: 4.07%) reinforces this stagnation.

What to look out for: A sustained break above the 30-day SMA could signal reversal, while a drop below $0.0191 (June 2025 low) may trigger further sell-offs.

2. Web3 Gaming Sector Struggles (Bearish Impact)

Overview: Web3 gaming activity fell 17% in Q2 2025 (DappRadar), with WAX’s transaction dominance failing to offset broader skepticism.

What this means: As a gaming-focused chain, WAXP is exposed to declining investor interest in play-to-earn models. Recent project closures (e.g., The Walking Dead: Empires) have amplified concerns about token utility.

What to look out for: Adoption by major studios (e.g., Ubisoft’s blockchain initiatives) could revive sentiment.

3. Upbit Liquidity Constraints (Mixed Impact)

Overview: Upbit’s temporary WAXP suspension in August 2025 (details) reduced Korean trading access, a key market for altcoins.

What this means: While trading resumed, liquidity recovery has been slow—24h volume ($3.6M) remains 28% below July levels. Thin markets exacerbate volatility.

What to look out for: Increased Korean exchange activity or new listings could stabilize liquidity.

Conclusion

WAXP’s dip reflects sector-specific risks and technical resistance, compounded by lingering liquidity challenges. While deflationary tokenomics (3.9% inflation rate) offer long-term support, short-term sentiment hinges on gaming-sector traction.

Key watch: Can WAX maintain its position as the #1 gaming chain by transactions (6.3M/day) amid rising competition from Aptos and Sei?