Market Overview for Convex Finance/Tether (CVXUSDT): 24-Hour Analysis

• Price declined from 2.162 to 1.976, forming bearish momentum and declining RSI.
• Volatility expanded as Bollinger Bands widened, with a low-to-high range of 0.27.
• Volume surged near session lows, indicating strong selling pressure and confirmation.
• A bearish engulfing pattern emerged during the 15-minute chart, aligning with the price decline.
• Turnover peaked at 63,610.067 USDT, reflecting large-scale participation during the selloff.

Convex Finance/Tether (CVXUSDT) opened at 2.149 on November 2, 2025, peaked at 2.162 before declining to a low of 1.932, and closed at 1.976 at 12:00 ET on November 3, 2025. Total volume for the 24-hour window reached 507,274.661 CVX, with a notional turnover of approximately 1,047,574 USDT.

Price action over the 24-hour period shows a clear bearish bias, with a sharp decline from the morning highs to the afternoon lows. The 20-period and 50-period moving averages on the 15-minute chart both turned downward, reinforcing the bearish trend. The RSI declined below 30 during the selloff, indicating oversold conditions, though the move lacked follow-through buying, suggesting caution ahead. Bollinger Bands expanded significantly, with the price finding support near the lower band during the session’s low.

The most notable 15-minute candlestick pattern observed was a bearish engulfing pattern, forming around the 18:30 to 19:15 ET range, confirming the shift in sentiment from bullish to bearish. Volume spiked during this period, reinforcing the bearish signal. On the Fibonacci Retracements, price found temporary support at the 61.8% level of the prior day’s high-to-low swing, though it failed to rebound strongly, pointing to potential further downside.

Convex Finance/Tether’s price decline and divergence between price and RSI suggest exhaustion in the bullish camp and a likely continuation of bearish momentum in the short term. However, the large volume during the selloff and the bearish engulfing pattern also signal a risk of a short-term bounce before any deeper correction. Investors should remain cautious and monitor key support levels near 1.932 and 1.900 for further directional clues.

Backtest Hypothesis
The bearish engulfing pattern is a widely used candlestick reversal signal that may be applied to CVXUSDT for strategy testing. Given the data-service error encountered, a manual back-test could involve scanning the OHLC data for this pattern and then measuring the subsequent performance. A practical approach would be to implement a sell signal on the confirmation of a bearish engulfing pattern and hold for a short-term exit (e.g., 1–3 days). Starting from January 1, 2022, this strategy could be backtested using daily OHLC data to assess its profitability and risk-adjusted returns. A refined query to the data service or direct pattern detection via the provided OHLC data should be the next step to proceed with the back-test.