Market Overview for Convex Finance/Tether (CVXUSDT) on 2025-11-10

Summary
• CVXUSDT opened at 2.069 and closed at 2.040 with a high of 2.127 and a low of 2.040 over the 24-hour period.
• The price formed bearish engulfing and bearish inside bars patterns, especially between 18:00–21:00 ET.
• Total volume was 269,652.438, and total turnover was $560,529.03.

Convex Finance/Tether (CVXUSDT) closed at 2.040 on 2025-11-10, down from the 12:00 ET open of 2.069. The 24-hour high reached 2.127, while the low fell to 2.040. Total traded volume amounted to 269,652.438, translating into a notional turnover of $560,529.03. The price action reflects increased bearish pressure, especially following a key intraday high near 2.127.

Structure & Formations

Price found resistance at 2.127 and support at 2.040. A bearish engulfing pattern emerged around 18:00–19:00 ET, and later a bearish inside bar around 21:00–21:15 ET, signaling potential exhaustion in the short-term rally. A doji formed at 21:30–21:45 ET, indicating indecision around the 2.07–2.08 range. These patterns may hint at a possible near-term reversal or consolidation phase.

Moving Averages

On the 15-minute chart, the 20-period MA crossed below the 50-period MA during the late afternoon session (18:00–19:00 ET), forming a bearish signal. On the daily chart, the 50-period MA crossed below the 200-period MA, confirming a bearish bias. These crossovers suggest short-term momentum favoring the bears.

MACD & RSI

The MACD turned negative by 19:00–19:15 ET and remained below the signal line, reinforcing bearish momentum. The RSI dipped into oversold territory below 30 around 01:15–03:00 ET, indicating a potential rebound area. However, a bearish divergence formed between the RSI and price between 05:00–06:30 ET, hinting at further downward pressure.

Bollinger Bands

Volatility expanded after 17:00–18:00 ET as the upper band moved up with the bullish momentum. However, after 19:00 ET, price moved below the 20-period Bollinger Band midpoint, indicating bearish control. A contraction in the bands was observed during 21:00–22:00 ET, suggesting a potential breakout or reversal.

Volume & Turnover

Volume surged during the late afternoon (17:00–19:00 ET) and again in the early morning (00:00–02:00 ET), aligning with key price swings. Turnover and volume diverged during 05:00–06:00 ET, suggesting weaker conviction in the upward moves. The bearish engulfing pattern at 18:00–19:00 ET had high volume, confirming the bearish sentiment.

Fibonacci Retracements

Applying Fibonacci levels to the swing high at 2.127 and the subsequent low at 2.040, key levels for the next 24 hours include 2.058 (38.2%), 2.048 (50%), and 2.040 (61.8%). Price may find support at these levels before resuming the downward trajectory.

Backtest Hypothesis

In the context of CVXUSDT’s bearish bias, a MACD "Death-Cross" strategy could be relevant for short-term traders. A backtest from 2022-01-03 to 2025-11-10 on SPY (as a benchmark) using the 12-26-9 MACD crossover as a short entry signal with an 8% stop-loss produced a defined set of risk/reward outcomes. While the strategy is equity-focused, similar logic may apply to CVXUSDT when bearish momentum aligns with clear MACD signals. This approach could be adapted to CVXUSDT by incorporating daily MACD crossovers and trailing stops tailored to the pair’s volatility.