Chainlink/Yen (LINKJPY) Market Overview for 2025-10-10

• Price rose from 3,285 to 3,480 before a sharp correction to 3,256, showing intraday volatility.
• Momentum shifted multiple times, with RSI oscillating between overbought and oversold levels.
• Volume surged during bullish and bearish reversals, confirming price swings.
• Bollinger Bands expanded during key moves, indicating heightened volatility.
• A bearish engulfing pattern emerged near the high, signaling potential pullback.

Overview and Key Levels

Chainlink/Yen (LINKJPY) opened at 3,285 on 2025-10-09 at 12:00 ET and reached a high of 3,480 before dropping to a low of 3,256 before closing at 3,256 at 12:00 ET on 2025-10-10. Total volume traded over the 24-hour window was 10,663.09 units, with a notional turnover of ¥34,439,490. The market exhibited a volatile 15-minute pattern, with key resistance around 3,480 and support at 3,252–3,285.

Structure & Formations

The candlestick pattern showed a bullish trend from 3,285 to 3,480, followed by a bearish reversal. A bearish engulfing pattern formed around the high of 3,480, suggesting potential downward pressure. A doji near 3,370 also indicated indecision among traders. Key support levels include 3,285 and 3,252, while resistance remains at 3,480 and 3,467.

Moving Averages

On the 15-minute chart, the 20-EMA is at 3,395 and the 50-EMA at 3,410, indicating a bearish crossover. On the daily chart, the 50-EMA is at 3,300, and the 200-EMA at 3,200, suggesting a stronger bearish bias. The price currently sits below all three, confirming a potential bearish bias.

MACD & RSI

The MACD line crossed below the signal line during the late session, indicating weakening momentum. RSI dropped from 85 (overbought) to 30 (oversold) in a single candle, signaling rapid exhaustion. This suggests a potential rebound but also highlights the need for confirmation via volume.

Bollinger Bands

Volatility expanded as the price moved between 3,252 and 3,480, with Bollinger Bands widening. The price now sits near the lower band at 3,252, suggesting a possible bounce. A sustained close below this level may confirm a bearish outlook.

Volume & Turnover

Volume spiked during the bearish reversal from 3,480 to 3,252, especially in the 03:30 and 15:30 ET candles, confirming the breakdown. Notional turnover followed suit, validating the strength of the move. The divergence between price and volume during the 14:00–15:00 ET period suggests caution ahead.

Fibonacci Retracements

Key retracement levels on the 15-minute chart are at 3,397 (38.2%), 3,365 (50%), and 3,323 (61.8%). The daily Fibonacci levels point to 3,350 as a potential area of interest if the price retests 3,300. A break of 3,323 would confirm a deeper pullback.

Backtest Hypothesis

A potential backtesting strategy would focus on a combination of the 50-EMA and RSI for entry signals. A sell signal could be triggered when price crosses below the 50-EMA and RSI drops below 30, confirmed by a spike in volume. A stop-loss would be placed above the recent 15-minute high, and a target would be set at the next Fibonacci level. This approach could be validated using historical data on similar volatility swings.