Market Overview for NEAR Protocol/Yen (NEARJPY) – 24-Hour Summary

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• NEARJPY surged to a 24-hour high of ¥409.0 before consolidating amid mixed volume.
• Price formed bullish engulfing and bearish reversal patterns during the session.
• RSI approached overbought levels, signaling potential exhaustion in the rally.
• Volatility expanded late in the session, with Bollinger Bands widening and price testing outer bands.
• Turnover spiked during the morning ET rally, confirming bullish momentum.

NEAR Protocol/Yen (NEARJPY) opened at ¥398.0 at 12:00 ET − 1 and reached an intraday high of ¥409.0 before closing at ¥396.4 at 12:00 ET. The 24-hour period saw total trading volume of 15,460.9 and turnover of ¥4,939,231.5. The session was marked by a sharp mid-night ET rally and a subsequent pullback, forming key patterns and volatility shifts that suggest a possible turning point in sentiment.

Structure & Formations

Price action displayed multiple significant patterns throughout the session. A bullish engulfing pattern formed around ¥403.9 during the early morning hours, suggesting a short-term bottom. Later, as the rally continued, a bearish reversal was signaled by a candle at ¥405.1, opening with high momentum but closing near the low. Notable support levels formed around ¥396.4, ¥397.0, and ¥397.5, while resistance appeared at ¥400.9, ¥403.9, and ¥405.5. These levels suggest a potential consolidation phase ahead, with the 24-hour low likely serving as a near-term floor.

Moving Averages and MACD/RSI

On the 15-minute chart, the 20-period and 50-period moving averages crossed multiple times, indicating a choppy session with shifting momentum. The 50-period line remained above the 20-period during the morning rally, signaling bullish bias. The MACD line peaked near the end of the rally at ¥406.0 before crossing below the signal line, hinting at a slowdown in upward momentum. RSI reached a 24-hour high of 78.5, suggesting the asset is overbought and potentially due for a pullback.

Bollinger Bands and Volatility

Volatility increased markedly during the morning and afternoon ET hours. The Bollinger Band width expanded, with price testing the upper band at ¥409.0 during the peak rally. As the session progressed, price moved into the lower band during the evening, indicating a possible exhaustion of bullish momentum. This expansion-contraction pattern in volatility suggests that traders should expect increased noise and potential breakouts in the near term.

Volume & Turnover

Volume was highly variable throughout the session, peaking at ¥9,301.2 during the morning rally and dropping off during the afternoon consolidation. Notably, the high-volume rally was matched by a surge in turnover, confirming the strength of the move. However, as price pulled back in the evening, volume remained relatively subdued, signaling limited conviction. Divergences between volume and price could suggest weakening momentum or a potential reversal.

Fibonacci Retracements

Key Fibonacci levels from the ¥392.5 to ¥409.0 swing include 38.2% at ¥401.5 and 61.8% at ¥397.2. Price tested both levels during the session, with the 61.8% level acting as a potential near-term support. On the daily chart, Fibonacci retracements from the broader ¥396.4 to ¥406.0 move suggest a possible target at ¥399.5 and ¥402.5 for the next 24 hours. These levels should be monitored for potential bounce or breakdown.

Backtest Hypothesis

Based on the identified structure and technical signals, a potential backtest strategy could involve entering long on a breakout above ¥403.5 with a stop-loss below ¥396.4, targeting the 38.2% retracement level of ¥401.5. Alternatively, a short trade could be considered on a break below ¥397.2, targeting the 61.8% retracement at ¥395.0 with a stop above ¥399.5. This hypothesis leverages the confluence of key Fibonacci levels, Bollinger Band dynamics, and RSI overbought signals to identify high-probability entry points. Historical testing would help refine the optimal risk-reward balance and confirm the effectiveness of the setup.