Chainlink/Yen (LINKJPY) 24-Hour Market Overview

Summary
• Price declined from 2446.0 to 2360.0 amid bearish momentum and high volatility.
• RSI and MACD both signal oversold conditions, suggesting possible short-term rebound.
• Volume surged during the selloff, aligning with price movement and indicating strong bear pressure.

Chainlink/Yen (LINKJPY) opened at 2430.0 on 2025-11-11 at 12:00 ET, hit a high of 2450.0, a low of 2348.0, and closed at 2360.0 at 12:00 ET on 2025-11-12. Total volume over the 24-hour window was 4,315.99, with notional turnover reaching 10,423,321.46 JPY.

Structure & Formations

LINKJPY’s price action displayed a bearish breakdown over the 24-hour period, with a key support level forming near 2350.0. A significant bearish engulfing pattern emerged around 20:15 ET, confirming the downward trend. The price then entered a consolidation phase between 2350.0 and 2390.0, forming a potential bullish pennant pattern toward the end of the day. A break above 2390.0 could trigger further upside, while a retest of 2350.0 remains critical.

Moving Averages and MACD/RSI

The 20-period and 50-period EMA on the 15-minute chart both turned bearish, with the 50-period line crossing below the 20-period line to indicate short-term bearish momentum. The MACD showed a bearish crossover and negative divergence, reinforcing the sell pressure. Meanwhile, the RSI hit 28 near the 12:00 ET close, suggesting the pair may be oversold and potentially due for a short-term bounce. However, given the strength of the bearish move, any rebound could be short-lived.

Bollinger Bands and Fibonacci

Volatility expanded significantly during the early selloff, with price hitting the lower band at 2350.0. A retest of this level could see a bounce if the RSI continues to suggest oversold conditions. On the 15-minute chart, the move down from 2450.0 to 2360.0 saw the price retrace to around 61.8% of the swing, which is a key Fibonacci level. A break above the 2390.0 resistance could target the 2410.0 level on a short-term rally.

Volume & Turnover

The highest volume spike occurred at 20:15 ET, coinciding with the bearish engulfing pattern and a sharp drop to 2386.0. Notional turnover increased alongside this movement, confirming bearish sentiment. Later in the session, volume waned despite a price rebound to 2400.0, suggesting weak follow-through. A divergence between rising price and declining volume suggests caution for further bullish moves.

Looking ahead, LINKJPY may test the 2350.0 support and could see a short-term rebound if the RSI and MACD align with a reversal. However, the broader bearish bias remains intact, and a break below 2350.0 could trigger further downside to 2330.0. Investors should remain cautious of increasing volatility and consider tight stop-loss orders.

Backtest Hypothesis

The bearish engulfing pattern observed around 20:15 ET offers a potential entry point for a short-term bearish trade. Given the current backtest limitations, a daily approximation strategy is suggested: if the pattern is confirmed, one could enter a short position at the next day’s open and exit at the close. This approach, while not precise at the 15-minute level, provides a rough measure of how the pattern performs over the next 24 hours. This method can help gauge the potential effectiveness of the pattern in similar conditions.