Market Overview for Convex Finance/Tether (CVXUSDT)

Summary
• Price tested key support at 2.08–2.10 before rebounding with bullish momentum.
• On-balance volume confirms strength during 18:00–20:00 ET rally, but diverges late in the session.
• RSI signaled overbought conditions during peak at 2.155 before a pullback to 2.105.
• Volatility expanded from 2.08–2.15, narrowing toward the close as consolidation began.
• A bullish engulfing pattern formed at 19:30–20:00 ET, suggesting potential for further upward movement.

Market Overview

Convex Finance/Tether (CVXUSDT) opened at 2.098 on 2026-01-05 at 12:00 ET, reached a high of 2.155, a low of 2.08, and closed at 2.105 on 2026-01-06 at 12:00 ET. The pair recorded a 24-hour volume of ~197,849.73 and a turnover of ~416,635.72 USDT.

Structure and Key Levels

Price experienced a strong rally from 18:00–20:30 ET, breaking above 2.12 and reaching a session peak of 2.155. A key support level appeared at 2.08–2.10, which held on two occasions. A bullish engulfing pattern formed at 19:30–20:00 ET, suggesting a short-term reversal.

Moving Averages and Momentum

On the 5-minute chart, the 20-period and 50-period moving averages remained in a bullish alignment for much of the session, with price staying above both. The 50-period MA acted as a dynamic support in the final hours. The MACD line crossed above the signal line around 19:30 ET, confirming the bullish momentum. RSI peaked at ~75 during the rally, indicating overbought conditions, before retreating toward neutral territory as the close approached.

Volatility and Bollinger Bands

Volatility expanded significantly between 18:00–20:00 ET as price moved between 2.08 and 2.155, with the Bollinger Bands widening to reflect increased uncertainty. Price spent much of the latter half of the session consolidating near the middle band, suggesting a period of balance after the strong move higher.

Volume and Turnover

Volume spiked during the 18:00–20:00 ET rally, peaking at 62,284.674 as price surged above 2.12. Turnover during that period exceeded $130,000, confirming conviction in the move. However, late-session volume and turnover diverged from price, with declining volume despite a minor rebound, signaling a potential pause in upward momentum.

Fibonacci and Key Retracements

The 2.08–2.155 swing saw retracement levels at 2.123 (38.2%) and 2.107 (61.8%) act as key support during the pullback. Price found temporary support at the 61.8% level and is now consolidating near that area.

Convex Finance/Tether may test the 2.13–2.15 resistance zone in the next 24 hours, with a potential breakdown near 2.10–2.08 as a key risk. Investors should remain cautious as divergences in volume suggest uncertainty in the near-term direction.