Market Overview for Convex Finance (CVXUSDC)

• CVXUSDC opened at $4.242 and surged to $4.569 before retreating to $4.432, forming bullish and bearish reversal patterns.
• Strong volume spikes confirmed key moves, particularly in the 10:45–11:15 ET window, as price broke above $4.520.
• RSI moved into overbought territory, indicating possible near-term profit-taking pressure.
• Bollinger Bands widened significantly, showing rising volatility and uncertainty in the short term.
• A 61.8% Fibonacci retracement level at $4.460 appears to be providing temporary support in the late ET session.

Market Overview

Convex Finance’s CVXUSDC opened at $4.242 on 2025-08-06 12:00 ET and reached a high of $4.569 by 10:45 ET, before closing at $4.432 on 2025-08-07 12:00 ET. The 24-hour trading session saw a total volume of 41,548.97 and turnover of $185,053.54, reflecting heightened interest and activity.

Structure & Formations

The 15-minute chart reveals multiple key patterns. An initial bullish engulfing pattern formed at 16:15–16:30 ET, confirming a reversal from a downtrend. Later, a bearish harami formed at 14:15–14:30 ET, as the price pulled back from $4.530 to $4.476. A key support level appears to be forming around $4.400–$4.450, with the 61.8% Fibonacci retracement level at $4.460 acting as a temporary floor.

Moving Averages

Short-term momentum is evident as price spent most of the session above the 20-period and 50-period moving averages on the 15-minute chart. On the daily chart, the price remains above the 50-day moving average, suggesting an overall bullish bias, though the 200-day MA remains distant, indicating medium-term uncertainty.

MACD & RSI

MACD shows a positive crossover in the mid-ET hours, confirming the bullish breakout. RSI reached overbought levels above 70 for a sustained period, suggesting a possible near-term pullback or consolidation phase. The indicator has since fallen below 60, indicating decreasing momentum.

Bollinger Bands

The Bollinger Bands widened significantly as the price surged to $4.569, reflecting a sharp increase in volatility. Price has since moved back into the upper half of the bands, suggesting continued buying pressure but with potential resistance forming at the upper channel.

Volume & Turnover

Volume surged during the breakout phase, particularly between 10:45–11:15 ET, with a large candle closing at $4.523 on high volume of 4,736.927. Turnover was tightly correlated with price action, with no major divergences observed. The low-volume consolidation phase in the afternoon suggests a pause in aggressive directional trading.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from $4.242 to $4.569, key retracement levels include $4.460 (61.8%) and $4.403 (38.2%). The price appears to be consolidating near the 61.8% level, suggesting that a break below $4.403 could trigger further near-term selling pressure.

In the next 24 hours, CVXUSDC may test $4.500 as a key resistance and $4.400 as potential support. Traders should remain cautious as RSI overbought conditions could invite profit-taking. A breakdown below $4.400 would increase the likelihood of a deeper correction.