Market Overview for Neiro Ethereum/Yen (NEIROJPY): 24-Hour Price Action and Technical Drivers

• NEIROJPY experienced a 24-hour decline, closing near intraday lows amid bearish momentum.
• Key support held around 0.05174–0.05186, while failed attempts to reclaim 0.05228–0.05239 signaled weak demand.
• Volatility expanded in the last 6 hours, with volume surging above 1M units during key price swings.
• RSI and MACD indicated oversold conditions but lacked bullish confirmation from price action.
• A bearish engulfing pattern emerged after 21:00 ET, suggesting potential for further downward pressure.

Opening and Price Summary

Neiro Ethereum/Yen (NEIROJPY) opened at 0.05241 on 2025-09-20 at 12:00 ET, reached a high of 0.05268, and closed at 0.05138 at 12:00 ET the next day. The 24-hour period saw a total volume of 109,961,860 units and a turnover of approximately 5,649,280 JPY. Price action was dominated by bearish bias, with significant pressure below the 0.05200 psychological level.

Structure & Formations

The 15-minute chart displayed multiple bearish candlestick patterns, including a bearish engulfing near 0.05202 at 21:00 ET and a hanging man at 0.05218. Key support levels emerged around 0.05174–0.05186, which held on three separate occasions. Resistance at 0.05228–0.05239 failed to attract buyers after 04:00 ET. A potential 0.05205–0.05216 consolidation area could be revisited, but bearish sentiment appears to be stronger.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages remained in a bearish alignment, with price below both. Daily charts showed the 50-period MA at 0.05210, with the 200-period MA acting as a strong bearish bias. The MACD histogram contracted into negative territory in the final 6 hours, while RSI dropped below 30, indicating oversold conditions, though without a clear reversal signal. A bullish MACD crossover may be required to confirm a short-term bottom.

Bollinger Bands and Volatility

Volatility expanded significantly in the last 12 hours, with Bollinger Bands widening from a range of ~0.00006 to ~0.00012. Price closed below the 15-minute lower band at 0.05138, indicating a potential short-term oversold condition. A pullback toward the 0.05150–0.05160 mid-band could provide a temporary floor, but a sustained close above 0.05225 would require a significant volume spike.

Volume and Turnover Analysis

Volume remained above 1M units during critical price swings between 09:45 ET and 16:00 ET, confirming bearish momentum. Notable divergence occurred between price and turnover during the 01:00–03:00 ET window, where volume spiked without significant price movement, suggesting accumulation. However, the lack of follow-through buying below 0.05200 indicates weak conviction. High volume at 09:45 ET (10.5M units) coincided with a sharp selloff to 0.05101, reinforcing bearish control.

Fibonacci Retracements and Key Levels

Fibonacci retracement levels applied to the 0.05241–0.05101 swing identified 0.05168 (38.2%), 0.05189 (50%), and 0.05205 (61.8%) as potential support levels. Price appears to have bounced off the 0.05186–0.05189 zone multiple times, suggesting a short-term consolidation area. On the daily chart, the 61.8% retracement level of the recent 0.05300–0.05080 range sits near 0.05212, which could act as a psychological level for buyers.

Backtest Hypothesis

The backtesting strategy involves entering short positions when price closes below the 50-period moving average on the 15-minute chart, confirmed by a bearish engulfing pattern and RSI below 40. Long positions would be entered on a bullish divergence between RSI and price near Fibonacci support levels. Based on the recent data, this approach would have generated a short signal at 21:00 ET and 09:45 ET, aligning with the observed bearish momentum. However, the lack of follow-through buying below 0.05200 suggests that any short-term rebounds may be limited.