Chainlink/Yen (LINKJPY) Market Overview

Summary

• Price surged 5.2% in 24 hours with a high of ¥2327 and close at ¥2325.
• Strong bullish momentum with RSI near 70 and MACD above zero.
• Volatility increased, with volume rising to ¥1,211,147 in the final candle.
• Price broke through key resistance near ¥2280 and held above.
• Bollinger Bands show expansion, suggesting a continuation phase.

Market Overview

Chainlink/Yen (LINKJPY) opened at ¥2185 on 2025-11-06 at 12:00 ET and surged through a volatile 24-hour session, hitting a high of ¥2327 before closing at ¥2325 on 2025-11-07 at 12:00 ET. The price action saw a 5.2% gain, with a total volume of 6,945.92 and a turnover of ¥15,220,242. This marked a sharp reversal from early bearish attempts between ¥2220–2260, which failed to hold as buyers stepped in aggressively after ¥2280.

The candlestick structure reveals a strong bullish bias with a large bullish engulfing pattern forming at the start of the rally. A doji near ¥2240 suggested indecision but was followed by strong follow-through buying. On the 15-minute chart, the 20-period moving average crossed above the 50-period line, confirming the uptrend. The daily 50/100/200 EMA triad is aligned to the upside, suggesting a strong continuation bias.

MACD & RSI

The MACD histogram remains positive and expanding, indicating growing bullish momentum. The RSI has moved into overbought territory (70.3), signaling the need for a short-term pullback but not a reversal in the near term. The divergence between price and RSI is minimal, suggesting continuation rather than exhaustion.

Bollinger Bands have widened, reflecting increased volatility. Price remains near the upper band, confirming strength. A potential consolidation phase into the upper band is likely before another breakout attempt.

Volume & Turnover

Volume increased sharply in the final 6 hours, particularly around the ¥2300–2320 range. Notional turnover also surged to ¥15,220,242, aligning with the price move. No significant divergence was observed between volume and price, suggesting genuine conviction in the rally.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent ¥2185–2327 move, the 38.2% retracement sits at ¥2268 and the 61.8% level at ¥2248. Price has already retested ¥2240–2260 multiple times and now shows resilience above these levels. A consolidation below ¥2300 may trigger a test of ¥2268 before resuming higher.

Backtest Hypothesis

A potential breakout strategy could be constructed using the 30-day high as a resistance level. When the price closes above this level, it could be considered a bullish breakout signal. For example, in this 24-hour period, LINKJPY closed near ¥2325, which may represent a new 30-day high if we assume the prior 30-day high was near ¥2280. A backtesting framework would require a consistent time frame and data to evaluate how often such breakouts lead to successful continuation or reversal patterns. This could be applied with additional risk controls such as stop-loss levels or position sizing rules.