IoTeX/Yen (IOTXJPY) Market Overview: Volatile 24-Hour Rebound with Mixed Momentum

Summary
• IOTXJPY surged 5.3% over the last 24 hours, closing at 1.690 from an open of 1.641.
• Volatility spiked with a high of 1.745 and low of 1.641, showing extended range.
• Volume increased significantly in late trading hours, confirming the move higher.

The IOTXJPY pair opened at 1.641 on 2025-11-07 12:00 ET and closed at 1.690 by 2025-11-08 12:00 ET. The price hit a high of 1.745 and a low of 1.641 during the period, indicating a high degree of volatility. The total traded volume for the 24-hour window was 2,465,043 units, with a notional turnover of 4,145,574 JPY.

The candlestick pattern over the past 24 hours exhibited a strong rebound from the 1.641 support level, followed by a bullish continuation above the 1.685 and 1.705 resistance levels. Notable formations included a bullish engulfing pattern between 1.684 and 1.705, suggesting a shift in control from sellers to buyers. A key support appears to be forming at the 1.641 level, which may hold if buyers re-enter the market.

On the 15-minute chart, the 20-period and 50-period moving averages crossed above the 1.675–1.690 range, reinforcing the upward momentum. The 200-period MA, however, still sits below this range, suggesting the move remains a short-term breakout rather than a longer-term trend.

MACD (12,26,9) showed a bullish crossover early in the session, aligning with the surge in volume and price. RSI (14) reached overbought territory, peaking at 68, which may signal a possible pullback or consolidation phase in the near term. Bollinger Bands expanded significantly during the rebound phase, with the price moving well above the upper band, indicating heightened volatility and potential exhaustion at current levels.

Volume spiked in two distinct waves: one during the 1.684–1.705 rebound and another during the 1.705–1.732 follow-through. Turnover increased concurrently, reinforcing the conviction behind the move higher. However, the lack of volume during the 1.732–1.745 phase raises a potential divergence warning, suggesting traders may be cautious about pushing further.

Fibonacci retracement levels showed key areas of interest at 1.685 (38.2%), 1.705 (50%), and 1.728 (61.8%). The 50% retracement level held as support-turned-resistance, while the 61.8% level is now acting as a near-term ceiling.

The market may consolidate around the 1.710–1.720 range in the coming 24 hours, with the 1.732 level posing a key psychological barrier. A break above 1.732 could signal the start of a broader bullish phase, but a retest of the 1.690–1.705 range is likely before a decisive move is made.

Backtest Hypothesis
The attempted retrieval of the RSI(14) series for IOTXJPY encountered an issue, likely due to the symbol format or availability at the data source. This highlights the importance of verifying symbol conventions and considering alternative pairings for analysis—such as IOTXUSDT with a secondary conversion to JPY—when dealing with less liquid or less commonly quoted pairs. For any backtesting strategy relying on RSI, it will be necessary to use a supported pair or adjust the data source accordingly to ensure accurate and actionable insights.