CVXUSDT Rebounds From 1.970 But Fails to Hold 2.000

Summary
• CVXUSDT tested key support at 1.970-1.975 before rebounding, with a bullish engulfing pattern forming near 1.980.
• Momentum dipped below 40 on RSI during late NY trading, signaling potential oversold conditions.
• Volatility narrowed during the overnight lull but spiked again after 10:00 AM ET with increased volume.
• Price retested the 2.000 level twice, failing to hold above on both occasions.
• Bollinger Bands widened during the midday surge, suggesting increased market uncertainty.

24-Hour Performance

Convex Finance/Tether (CVXUSDT) opened at 1.988 on February 20 at 12:00 ET and traded within a range of 1.969–2.023 before closing at 1.974 on February 21 at 12:00 ET. The pair saw total volume of 150,164.88 and a notional turnover of 297,265.02 during the 24-hour period.

Structure and Price Behavior

The price action formed a notable bullish engulfing pattern near 1.980 in early morning ET, followed by a sharp rejection above 2.000 that led to a pullback. Key support levels were identified around 1.970–1.975 and 1.969, where the price found temporary refuge during the afternoon. Resistance appears to be holding above 2.000, with a bearish divergence in volume during the last attempt to break out.

Momentum and Volatility

Momentum, as measured by RSI, dipped below 40 during the late NY session, suggesting the asset may be in oversold territory. The MACD line flattened after 10:00 AM ET, aligning with a period of consolidation. Volatility, as indicated by Bollinger Band width, expanded during the midday push and then contracted during the overnight hours, signaling periods of uncertainty and reduced conviction.

Volume and Turnover

Volume surged during the 18:00–22:00 ET window as the price tested 2.000, then again between 10:00–11:30 ET. Turnover confirmed the 10:00–11:30 ET rally with strong volume, but diverged during the failed 2.000 breakout, suggesting waning buying pressure.

Forward Outlook and Risk

CVXUSDT appears to be consolidating between 1.970 and 2.000, with Fibonacci levels at 1.981 (38.2%) and 1.993 (61.8%) serving as potential pivot points. A sustained break above 2.000 could rekindle bullish momentum, but a drop below 1.970 may invite further selling. Investors should remain cautious of volume divergence and watch for any bearish reversal patterns on the 5-minute chart.