Market Overview for Convex Finance/Tether (CVXUSDT) as of 2026-01-03

Summary
• CVXUSDT formed key support at $1.705 and tested resistance near $1.774 after a large bullish engulfing pattern.
• Momentum accelerated in the final hours, with RSI reaching 68, indicating potential overbought conditions.
• Volatility expanded significantly as Bollinger Bands widened, with a surge in volume and turnover.
• Price moved beyond 61.8% Fibonacci level on a strong 5-minute bullish swing.
• A 20-period MA on the 5-minute chart crossed above the 50-period MA, signaling short-term bullish momentum.

Convex Finance/Tether (CVXUSDT) opened at $1.748 on 2026-01-02 12:00 ET, hit a high of $1.878, and a low of $1.689, closing at $1.822 as of 12:00 ET on 2026-01-03. Total 24-hour volume reached 997,294.192 units, with a notional turnover of $1,730,471.47.

Structure & Formations

A bullish engulfing pattern emerged around 16:45 ET, confirming a shift in momentum. Price found key support at $1.705 and later tested a critical resistance level near $1.774. A long upper shadow on the final candle at $1.822 suggests buyers are consolidating gains after a sharp upward move.

Moving Averages

Short-term bullish momentum was reinforced by a golden cross on the 5-minute chart, with the 20-period MA crossing above the 50-period MA. Longer-term indicators, including the 200-period daily MA, remain below the current price, suggesting a breakout from a broader consolidation pattern.

MACD & RSI

A detailed candlestick chart showing a bullish engulfing pattern with RSI rising toward overbought territory and a golden cross on moving averages.
MACD showed a strong positive divergence late in the session, with the histogram expanding above zero. RSI climbed to 68 in the last hour, signaling overbought territory, though not yet at extreme levels. This suggests caution for near-term pullbacks.

Bollinger Bands

Volatility expanded dramatically in the final 3 hours, with Bollinger Bands widening to 0.135 in range. Price closed near the upper band at $1.822, suggesting elevated bullish pressure but also potential for a near-term correction.

Volume & Turnover

Volume surged to 664,245.723 units at 17:00 ET, coinciding with a sharp upward price move to $1.878. Turnover during that period totaled $1,214,177.60, confirming strong conviction in the bullish move. No divergence between price and volume was observed.

Fibonacci Retracements

Price broke above the 61.8% Fibonacci retracement level at $1.787 during a strong 5-minute rally, indicating continued bullish potential. If this level holds, it may act as a new support on any near-term pullback.

CVXUSDT appears poised for a continuation of the bullish trend, with key resistance at $1.878 and support at $1.787. However, overbought RSI levels and elevated volatility suggest traders should remain cautious for a potential consolidation or pullback in the next 24 hours.