Market Overview for NEAR Protocol/Yen (NEARJPY): 24-Hour Analysis as of 2025-09-21 12:00 ET

• NEARJPY opened at 474.9, reached a high of 475.8, and closed at 459.6 after 24 hours, showing bearish momentum.
• A key 15-minute engulfing pattern appeared at the start of the session, signaling potential bearish reversal.
• RSI dipped into oversold territory near 30, suggesting possible near-term bounce.
• Volatility expanded through Bollinger Bands, reflecting increased uncertainty.
• Turnover spiked at 23:00–00:30 ET, but failed to confirm a strong directional move.

NEARJPY opened at 474.9 on 2025-09-20 12:00 ET and reached a high of 475.8 during the session. It closed at 459.6 at 12:00 ET on 2025-09-21 after 24 hours. The total 24-hour trading volume was 29,227.3, while notional turnover was approximately 13,579,650.2 yen. The price action showed a consistent bearish bias through the session.

Structure & Formations

Key support levels were observed at 461.5–460.0 and 458.5, while resistance appeared at 466.4–468.3. A bearish engulfing pattern formed at 16:00 ET on 2025-09-20, followed by a doji at 23:00 ET, which signaled potential indecision. A larger bearish trend unfolded through 00:30–02:00 ET, with a sharp drop from 468.0 to 461.7. The price appears to have found temporary support around 460.0 but has since tested this level multiple times.

Moving Averages

The 15-minute chart shows the price consistently below the 20-period and 50-period moving averages, confirming the short-term bearish trend. On the daily chart, the price is also below the 50, 100, and 200-period moving averages, suggesting a broader bearish bias. The convergence of these moving averages could indicate a potential consolidation phase or a continuation of the bearish trend, depending on volume behavior.

MACD & RSI

MACD turned negative mid-session, confirming bearish momentum. RSI dipped into oversold territory, reaching a low of 28.6 at 00:30 ET. This could suggest a possible near-term rebound or consolidation phase. The histogram has remained mostly negative since 20:00 ET, reinforcing bearish pressure. However, divergence between RSI and price near 02:00 ET may hint at a temporary bottoming process.

Bollinger Bands

Volatility expanded significantly between 23:00 ET and 00:30 ET, with the price breaking the lower band multiple times. This expansion typically precedes a period of consolidation or a reversal. Currently, the price is hovering near the lower band, suggesting it may test the 458.5 level before finding a short-term floor. The width of the bands remains relatively wide, reflecting ongoing uncertainty in the market.

Volume & Turnover

Volume spiked at 23:00–00:30 ET, coinciding with the sharp drop from 468.0 to 461.7, confirming the bearish move. However, after 04:00 ET, volume began to contract, which could suggest waning bearish momentum. Turnover also spiked during this phase but has since normalized, indicating reduced speculative activity. A divergence between price and volume after 06:00 ET suggests potential indecision or a short-term bottom.

Fibonacci Retracements

Applying Fibonacci levels to the recent swing high (475.8) and the swing low (458.5), key retracement levels at 38.2% (467.0) and 61.8% (462.0) have been tested multiple times. The price has held above the 61.8% retracement level for much of the session, suggesting it could serve as a near-term support zone. Further downward movement could test the 458.5 level, which would confirm a deeper bearish phase.

Backtest Hypothesis

A potential backtesting strategy could focus on entering short positions on the confirmation of a bearish engulfing pattern (e.g., at 16:00 ET) when RSI moves into overbought territory and volume spikes. Exit the position when RSI moves into oversold levels and price bounces off key Fibonacci support (e.g., 462.0). Alternatively, a bullish trade could be triggered upon a sustained close above the 20-period moving average and a RSI divergence, with a stop-loss set below the last swing low. This approach aligns with the observed bearish trend and could be used to test the reliability of short-term reversal signals in this market.