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

Summary
• CVXUSDT broke key support at 1.800, closing near 1.755 with bearish confirmation.
• RSI entered oversold territory, suggesting potential for near-term consolidation or bounce.
• High volatility post-12:00 ET pushed volume to 122,299.13, with 24-hour turnover at $218,096.
• Bollinger Bands expanded sharply as the pair drifted lower, signaling increased bearish pressure.
• A large 5-minute bearish engulfing pattern formed at 1.816–1.809, marking a key turning point.

Market Overview

At 12:00 ET−1 on 2025-12-13, CVXUSDT opened at 1.812 and traded as high as 1.820 before closing at 1.763 at 12:00 ET on 2025-12-14. The 24-hour session saw a low of 1.744, with a total traded volume of 122,299.13 and a notional turnover of $218,096.

Structure & Formations

The 24-hour timeframe displayed a bearish breakdown from key 1.800–1.816 resistance, followed by a continuation lower into 1.744 support.

A potential 50% Fibonacci retracement level at 1.775 may offer near-term support for a potential bounce.

Moving Averages

On the 5-minute chart, the price closed below its 20 and 50-period moving averages, reinforcing bearish momentum. The 200-period daily moving average is likely above current price levels, suggesting the pair remains in a short-term downtrend.

Momentum & Volatility

Relative Strength Index (RSI) dipped below 30 in the final hours of the session, indicating an oversold condition that could trigger a short-term rebound. MACD lines remained negative and bearish, with no clear sign of a crossover to bullish territory. Bollinger Bands widened sharply after 20:00 ET, signaling increased volatility and bearish continuation pressure.

Volume and Turnover

Trading volume surged during the 18:30–19:45 ET period, coinciding with the breakdown below 1.800 support. Turnover was concentrated in the 1.760–1.780 range, with volume diverging slightly from price as the pair drifted lower. This divergence could signal a potential pause in the decline.

Forward-Looking Insight

With RSI in oversold territory and volume showing signs of exhaustion, a pullback to test the 1.775–1.780 range is likely in the next 24 hours. However, the breakdown of key support and bearish momentum indicators suggest the bearish bias remains intact. Investors should monitor for a potential rejection at 1.754–1.760 as a potential entry level for short-term bounces.