Market Overview for Civic/Tether (CVCUSDT) as of 2025-10-23

• Price declined from 0.0612 to 0.0609, with bearish momentum intensifying in early ET hours.
• Volatility expanded mid-day, as CVC/USDT broke below key 15-min support at 0.0606.
• MACD turned negative, RSI near oversold territory, hinting at potential short-term bounce.
• Volume spiked at 19:00–20:00 ET, but price failed to reclaim 0.0608, indicating weak follow-through.
• A potential 0.06–0.0595 range appears to be forming, suggesting consolidation ahead.

Civic/Tether (CVCUSDT) opened at 0.0610 on 2025-10-22 12:00 ET and fell to a low of 0.0579 before closing at 0.0602 at 2025-10-23 12:00 ET. The 24-hour period saw a high of 0.0612 and a low of 0.0579, with total trading volume reaching 2.26 million units and notional turnover of $136,610.

The 15-minute candlestick chart reveals a bearish bias, with price failing to hold above key resistance levels at 0.0608 and 0.0606. A bearish engulfing pattern formed on the 16:00–16:15 ET candle, signaling a potential shift in sentiment. The price subsequently broke down into a descending channel, with support appearing to hold around 0.0595–0.0600. A notable bear trap occurred at 0.0608 on October 22, where buyers attempted a rebound but failed to push above the level. This suggests that short-term buyers remain cautious, possibly waiting for a test of the 0.06–0.0595 range. On the positive side, a small bullish reversal candle formed around 03:00 ET, with a narrow range and a near-full body, suggesting a potential short-term bounce. However, follow-through buying has been weak, and price remains under the 50-period and 20-period moving averages on the 15-min chart.

The momentum indicators reinforce the bearish tone. The MACD line turned negative in the early hours of October 22 and remains below the signal line, suggesting bearish momentum. The RSI moved into oversold territory after hitting a low of 28.3 around 0.0585, potentially setting up for a near-term bounce. However, this level has failed to attract consistent buyers, indicating a lack of conviction. Bollinger Bands expanded significantly in the 18:00–21:00 ET window, reflecting heightened volatility. Price has since settled within the lower half of the bands, which may suggest a continuation of the bearish trend unless a breakout occurs above the upper band or below the lower band. A 38.2% Fibonacci retracement of the 0.0579 to 0.0612 move sits at 0.0597, which has held as both a support and a minor resistance level.

A bearish Engulfing pattern is a potential entry trigger for short-term bearish strategies, but the signal must be confirmed with additional indicators such as volume or RSI divergence. The pattern typically forms after a bullish candle is followed by a larger bearish candle that completely engulfs the body of the previous candle. In this case, a clear bearish engulfing pattern occurred at 16:00–16:15 ET, with a bullish open of 0.061 and a bearish close of 0.0608. This signal, combined with a breakdown of the 0.0606 level and increasing volume, suggests a short-term bearish continuation. However, the signal was not strong enough to trigger a full breakout and was later countered by a small bullish reversal at 03:00 ET. A confirmation of the bearish trend would require a retest and close below 0.0595, with follow-through volume. A failure to break lower could result in a pullback toward 0.0602–0.0604.