Market Overview for Convex Finance/Tether (CVXUSDT)

Summary
• Price surged to 2.146 before consolidating near 2.104.
• Key resistance at 2.116–2.146, support at 2.075–2.086.
• Volume surged during the 22:15–23:15 ET upswing, confirming bullish momentum.
• RSI reached overbought during the rally but retreated, suggesting exhaustion.
• Bollinger Bands showed a tight pre-breakout contraction before the 2.116–2.146 move.

Convex Finance/Tether (CVXUSDT) opened at 2.053 on 2026-01-13 at 12:00 ET and closed at 2.104 one day later. The 24-hour high was 2.146 and the low was 2.041, with a total volume of 568,347.11 and a notional turnover of 1,188,081.06.

Structure & Formations

The price exhibited a clear bullish breakout from a tight Bollinger contraction on the 5-minute chart between 22:00–22:15 ET, breaking above the 2.116 level. A strong bullish engulfing pattern formed at 22:15 ET, followed by a series of higher highs and higher lows. Key resistance levels include the 2.116–2.146 range, while support is near the 2.075–2.086 level. A doji appeared at 02:30 ET, signaling possible indecision after the peak.

Moving Averages and Momentum

On the 5-minute chart, the price rose above its 20- and 50-period moving averages between 22:30 and 02:30 ET, confirming bullish momentum. The 50-period line crossed above the 20-period line, reinforcing the upward trend. MACD showed a strong positive divergence during the 22:15–02:30 ET rally, with the histogram expanding. RSI peaked near overbought levels, indicating potential exhaustion, though the move was confirmed by volume.

Volatility and Volume Dynamics

Volatility expanded sharply during the 22:15–23:45 ET period, with the price moving outside its Bollinger Bands. Volume surged during this window, particularly at 22:15 ET when the bullish engulfing pattern formed. Notional turnover increased by 27% during the breakout, aligning with price action and reinforcing the credibility of the move. A divergence appeared between price and volume at 02:30–06:00 ET, suggesting caution ahead.

Pattern and Fibonacci Insights

A strong 5-wave bullish impulse formed from 2.053 to 2.146, with a 38.2% Fibonacci retracement at 2.113 and a 61.8% level near 2.087. The price consolidated near the 61.8% level following the peak, hinting at a possible retracement or continuation. The 2.086–2.091 range appears to be a critical support area for the next 24 hours, with a potential test likely.

The price may retrace toward the 2.086–2.091 support zone before a potential resumption of the upward trend. However, a breakdown below this area could expose the next major level at 2.075, increasing downside risk. Investors should monitor volume and RSI divergence for early signs of trend reversal.