Market Overview for Convex Finance/Tether (CVXUSDT)

Summary
• Price formed bullish engulfing patterns around 1.96–1.97 and reversed from 1.95.
• Volatility expanded significantly during the final 6 hours, with volume peaking at 65k.
• RSI indicated moderate overbought conditions at the close.
• Key resistance confirmed near 1.987, with 61.8% fib at 2.01.
• Turnover surged 4x in the final 90 minutes, supporting the recent upward bias.

Convex Finance/Tether (CVXUSDT) opened at 1.969 on 2026-01-12 12:00 ET, reached a high of 2.064, and closed at 2.053 as of 2026-01-13 12:00 ET. Total 24-hour volume was 244,527.54, with turnover amounting to 482,746.33 USD.

Structure & Formations

A strong bullish engulfing pattern was observed around 1.96–1.97, confirming a short-term reversal. A bearish doji formed at 1.945 before a sharp rebound confirmed 1.95 as a key support. On the daily chart, 2.052 appears to act as a fresh resistance, aligning with a 61.8% Fibonacci retracement of the 1.93–2.064 swing.

Moving Averages

On the 5-minute chart, price has spent most of the session above the 50-period MA, crossing above the 20-period MA late in the session. The 200-period daily MA is at 1.964, while the 50-period daily MA sits at 1.984—price is above both, indicating a constructive near-term bias.

Momentum & Relative Strength

The RSI on the 5-minute chart pushed into overbought territory at 72–75 during the final 2 hours, suggesting exhaustion in the upward thrust. The MACD crossed above the signal line during the 16:00–17:00 ET period and maintained a positive histogram, signaling continued momentum.

Volatility & Bollinger Bands

Volatility expanded significantly after 14:00 ET, with a Bollinger Band width increase of 30%. Price closed just above the upper band at 2.053, suggesting overbought conditions and potential for a near-term pullback.

Volume and Turnover

Volume spiked sharply during the 15:45–17:00 ET window, reaching 54,646.12 and confirming bullish sentiment. Turnover surged to over 111k USD during the same period, a 4x increase from earlier in the session. No divergence was observed between price and volume.

The market appears to be entering a consolidation phase after a sharp rally from 1.934 to 2.064. A pullback to 1.995–2.00 is possible before the next move. Investors should remain cautious of overbought conditions and possible short-term profit-taking.