Market Overview for IoTeX/Yen (IOTXJPY) – 24-Hour Candlestick Analysis

• IOTXJPY surged 16.8% over the past 24 hours, breaking above key resistance at 1.800 with strong volume in the final 8 hours.
• A bullish continuation pattern formed after a 1.819–1.899 consolidation, with RSI (70) indicating overbought conditions and MACD showing a positive crossover.
• Volatility expanded as Bollinger Bands widened, and price closed near the upper band, suggesting a potential pullback.
• A Bullish Engulfing pattern and strong volume during the 11:45–12:00 ET candle reinforced the breakout.
• Large-volume swings at 1.841–1.899 and 1.818–1.824 suggest liquidity clustering; key support at 1.804 may hold in the next 24 hours.

IoTeX/Yen (IOTXJPY) opened at 1.752 on 2025-11-01 at 16:00 ET, surged to a 24-hour high of 1.899, and closed at 1.878 on 2025-11-02 at 12:00 ET. Total volume reached 13,118,780.0 IOTX, while notional turnover was approximately ¥23,917,000 (assuming average close price of 1.823). Price action showed a strong bull trend after a consolidation phase.

Structure & Formations

IOTXJPY exhibited a key consolidation phase from 1.819 to 1.899, followed by a decisive breakout. A Bullish Engulfing pattern appeared on the 11:45–12:00 ET candle as price surged from 1.866 to 1.878. This suggests strong buying pressure after a period of indecision. Key support levels were identified at 1.804 and 1.783, while 1.899 and 1.853 marked recent resistance clusters.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages showed a positive crossover in the final hours, confirming the uptrend. RSI reached 70, signaling overbought conditions, while MACD displayed a bullish crossover with a rising histogram. This suggests momentum remains in favor of the bulls in the near term.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly during the 11:00–12:00 ET period, with price closing near the upper band at 1.878. This indicates increased volatility and potential for a short-term correction. However, the lack of bearish confirmation suggests buyers are still in control.

Volume and Turnover

Trading volume spiked to 1,198,250 IOTX at 11:45–12:00 ET, coinciding with the final leg of the breakout. Notional turnover also increased sharply, aligning with the price action. The volume-to-price relationship remains positive, indicating the move was backed by strong on-chain activity.

Fibonacci Retracements

Applying Fibonacci to the recent swing high at 1.899 and swing low at 1.818, the 1.878 close is near the 61.8% retracement level. This could act as a key psychological level where buyers may re-enter or sellers may test resistance. A retest of the 1.853 (38.2%) level is possible in the near term.

Backtest Hypothesis

A potential backtesting strategy could focus on identifying Bullish Engulfing patterns in IOTXJPY’s 15-minute candles and evaluating the success rate of holding for 6–24 hours after confirmation. The pattern observed today, coupled with strong volume and positive momentum indicators, may serve as a robust entry signal. To refine this, historical Bullish Engulfing occurrences could be overlaid with the same volume and MACD crossover criteria, enabling a performance evaluation of the strategy over multiple cycles. Given the asset's recent volatility and liquidity, this approach could be backtested using a narrower time window (e.g., the last 30 days) to assess consistency and risk-adjusted returns.