Latest WAX (WAXP) Price Analysis

Deep Dive

1. NFTOPIA Expo Spotlight (Bullish Impact)

Overview: WAX is a headline partner for the NFTOPIA 5 Metaverse Convention (August 16–17), a major Web3 event offering NFT drops, gaming demos, and AR experiences. Pre-registration includes a chance to win 100M $WUF tokens, tied to WAX’s ecosystem.

What this means: Event-driven speculation often lifts prices pre-launch as traders position for potential user growth or partnerships. However, similar past events (e.g., NFTOPIA 4) saw muted post-event price action, suggesting caution.

What to look out for: Attendee numbers and post-event partnerships – tangible adoption metrics matter more than hype.

2. Technical Rebound Signals (Mixed Impact)

Overview: WAXP’s MACD histogram turned positive (+0.000040645) for the first time in two weeks, signaling a potential short-term bullish crossover. The price ($0.0200) also reclaimed its 7-day SMA ($0.019718), a minor support level.

What this means: Technical traders may interpret this as a buying signal, but weak RSI (47.72) and resistance at the 30-day SMA ($0.020346) limit upside. The 24h volume increase (+10.51%) aligns with the move but remains 65% below July’s average.

3. Upbit Maintenance Conclusion (Neutral Impact)

Overview: Upbit resumed WAXP deposits/withdrawals on August 7 after a 24h maintenance period aimed at upgrading wallet security.

What this means: While temporary suspensions can spark FUD, the incident had no material impact on trading activity. WAXP’s price stabilized post-resumption, reflecting restored confidence in liquidity access.

Conclusion

WAXP’s minor gain reflects a blend of event anticipation and technical trading, though broader Web3 gaming sector headwinds (–17% Q2 user activity) and a neutral market sentiment limit momentum. Key watch: Will NFTOPIA 5 drive measurable ecosystem growth, or is this a “buy the rumor” scenario?

Deep Dive

1. Technical Resistance (Bearish Impact)

Overview:
WAXP is trading below its 30-day SMA ($0.0205) and 200-day EMA ($0.0246), with the RSI (44.4) hovering near neutral but failing to break upward. The MACD histogram turned negative (-0.0000118) on September 7, signaling weakening bullish momentum.

What this means:
Traders often interpret sustained prices below key averages as a bearish signal, triggering sell-offs. The Fibonacci retracement level at $0.0207 (23.6%) acted as resistance, reinforcing downward pressure.

What to watch:
A close above the 30-day SMA ($0.0205) could signal a reversal, while a drop below $0.0191 (August low) may deepen losses.

2. Web3 Gaming Contraction (Mixed Impact)

Overview:
Web3 gaming daily users fell 17% YoY in Q2 2025 (DappRadar), with WAX’s NFT sales volume down ~90% from 2021 peaks. However, WAX still leads in transaction volume among gaming chains.

What this means:
While WAX’s infrastructure remains robust (e.g., NFTOPIA 5 Expo on August 16–17), the broader sector’s decline has dampened speculative interest. Investors may be rotating to AI or meme coins amid gaming’s “play-to-earn” fatigue.

3. Deflationary Transition (Neutral Impact)

Overview:
WAX has reduced inflation to 3.9% by burning tokens via PowerUp usage (WAX tweets). However, only 8.2M WAXP (~0.17% of supply) has been burned since 2021.

What this means:
While the shift to a usage-driven model is structurally bullish, the current burn rate is too low to counterbalance the 5% annual inflation, limiting near-term price support.

Conclusion

WAX’s dip reflects technical resistance, sector-wide gaming stagnation, and slow progress on deflationary mechanics. While its infrastructure (e.g., NFTOPIA expo) and transaction volume remain strengths, broader market sentiment toward Web3 gaming is weighing on demand.

Key watch: Can NFTOPIA 5 (August 16–17) reignite NFT/gaming activity, or will WAXP test the $0.0191 support? Monitor trading volumes and burn rate updates.