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

• CVXUSDT declines from 3.773 to 3.696 over 24 hours amid mixed candlestick formations and moderate volume.
• Key support at 3.690–3.700 and resistance at 3.750–3.770 observed, with bearish momentum confirmed by RSI and MACD.
• Volatility increases mid-day, with Bollinger Bands widening and price testing lower boundaries.
• Turnover spikes align with price declines, suggesting increased selling pressure after 19:00 ET.
• Fibonacci 61.8% level near 3.715 offers potential near-term support ahead of 3.700.

Convex Finance/Tether (CVXUSDT) opened at 3.758 on 2025-09-13 at 12:00 ET and closed at 3.696 on 2025-09-14 at 12:00 ET, reaching a high of 3.773 and a low of 3.680. The pair posted a total volume of 168,725.411 and turnover of 602,104.919 USD over 24 hours. The market showed a bearish bias with key levels and patterns forming in the late hours.

Structure & Formations

The 24-hour chart of CVXUSDT displayed several notable candlestick patterns. A bearish engulfing pattern formed around 17:15–17:30 ET as price moved from 3.721 to 3.700. Later, a doji appeared at 19:15 ET near 3.728, indicating indecision and potential reversal signals. Price subsequently broke below a key support level at 3.700, confirming a bearish shift. The most recent structure shows a clear descending triangle forming from 3.750 down to 3.690, with resistance at 3.750–3.770 and support at 3.700–3.715.

Moving Averages & Momentum Indicators

On the 15-minute chart, the 20-period and 50-period moving averages both trended downward, reinforcing the bearish momentum. The 50-period MA crossed below the 20-period MA in the morning, signaling a bearish crossover. The MACD line turned negative around 19:00 ET and remained below the signal line, supporting the bearish bias. The RSI fell into oversold territory (below 30) after 01:15 ET, but price continued to decline, suggesting weak recovery potential.

Volatility and Fibonacci Retracements

Volatility increased significantly in the early hours of the morning, as evidenced by a widening of the Bollinger Bands. Price closed below the lower band around 01:15–04:15 ET, confirming a strong bearish phase. The 61.8% Fibonacci retracement level sits at 3.715, offering a potential support zone before the key 3.700 level. On the daily chart, the 200-period MA sits near 3.740, suggesting further bearish momentum if the price cannot reclaim this level.

Backtest Hypothesis

The provided backtesting strategy involves a short bias triggered by a bearish engulfing pattern followed by a MACD bearish crossover and RSI dipping below 30. These conditions were observed on CVXUSDT at approximately 17:15–19:00 ET. A stop-loss above the 3.750–3.770 resistance zone and a take-profit at 3.690–3.700 would align with the structure and volatility seen in the past 24 hours. This hypothesis is supported by the volume and price action seen during the decline, which indicated strong bearish conviction.