Market Overview for Chainlink/Yen (LINKJPY): A 24-Hour Technical Summary

• Chainlink/Yen traded lower on high volume, closing 5.7% below its 24-hour high
• Price action shows bearish momentum with a potential breakdown below key support
• RSI in oversold territory suggests short-term volatility, but bearish bias remains

Chainlink/Yen (LINKJPY) opened at 2849.0 at 12:00 ET–1 and closed at 2640.0 at 12:00 ET, hitting a high of 2919.0 and a low of 2606.0. Total trading volume across the 24-hour window was 13,011.59 with a notional turnover of approximately ¥35,554,999.0 (approximate, based on volume and average close price). Price action appears to have broken below a key 15-minute support at 2750.0, signaling bearish continuation.

Structure & Formations

Price moved in a series of bearish engulfing patterns and deep marubozu candles as the 24-hour window unfolded. A significant breakdown occurred around 2750.0, followed by a test of 2640.0. This level now looks like a key short-term support. A doji formed near 2680.0, indicating indecision before the downward move.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have both been bearishly aligned, with price well below both. The 50-period MA is now at ~2735.0 and serves as a dynamic resistance. On the daily chart, price remains well below the 50, 100, and 200-period MAs, reinforcing the bearish trend.

MACD & RSI

The MACD is negative and widening, with a bearish crossover between the signal and MACD lines. The RSI stands at ~28, indicating oversold conditions. However, with RSI failing to rebound despite a brief consolidation, bearish momentum appears intact. A potential reversal could be signaled if RSI closes above 40 with a strong bullish candle.

Bollinger Bands

Volatility expanded significantly in the morning hours, with price testing the lower band at 2640.0 and closing near it. A contraction in the band width may precede a breakout, but given the bearish RSI and MACD, a lower break appears more likely.

Volume & Turnover

Volume spiked during the initial breakdown below 2750.0, with ~453.13 units traded in one 15-minute interval. Notional turnover also increased sharply, confirming the bearish move. However, volume has since tailed off, suggesting short-term exhaustion. A follow-through rally in volume would be required to confirm a reversal.

Fibonacci Retracements

On the 15-minute chart, price is testing the 61.8% Fibonacci level at 2640.0, which is aligning with recent support. A break below that could target the 78.6% level near 2580.0. Daily-level retracement levels suggest a 61.8% support at ~2450.0, though that is further out.

Backtest Hypothesis

Given the current RSI reading near 28, a potential entry signal based on a 3-day RSI < 30 strategy may be imminent. However, without a valid RSI dataset for the exact ticker “LINKJPY,” the backtest cannot proceed. Common alternatives include “LINKUSD” or exchange-specific symbols such as “LINKJPY.Binance.” Once the correct ticker is confirmed, a 3-day backtest from 2022-01-01 through 2025-10-22 can be executed to evaluate the effectiveness of the strategy in capturing short-term oversold bounces.

Forward-looking, Chainlink/Yen may continue to retest the 2640.0 level, with a potential for a short-term bounce if volume increases. However, a sustained breakdown below 2640.0 could lead to further downside. Investors should remain cautious, as volatility and momentum remain bearish.