Market Overview for Chainlink/Yen (LINKJPY) on 2025-12-29

Summary
• Price surged 7.6% overnight, forming a bullish engulfing pattern near 1945.0.
• Strong buying pressure in early morning ET, with turnover spiking over $2.7 million.
• RSI entered overbought territory, while Bollinger Bands show expanded volatility.
• Volume surged over 1400x in 5-minute intervals during the early rally.
• Fibonacci 61.8% level at 2016.0 appears to act as dynamic resistance.

Chainlink/Yen (LINKJPY) opened at 1970.0 on 2025-12-28 at 12:00 ET, reaching a high of 2028.0 and a low of 1920.0, closing at 1945.0 on 2025-12-29 at 12:00 ET. Total 24-hour volume was 3,628.89, and notional turnover was $5.64 million.

Structure & Formations

Price action revealed a strong bearish reversal at the high of 2028.0, followed by a consolidation phase before a final bullish push. A bullish engulfing pattern formed between 1943.0 and 1963.0, suggesting renewed buying momentum. Key support levels are forming around 1935.0 and 1920.0, with 1966.0 acting as a near-term resistance.

Moving Averages

The 20-period and 50-period 5-minute SMAs indicate an upward shift, crossing above key support levels. Daily 50/100/200 SMAs show a stronger bullish bias, with the 100-period line currently around 1955.0. Price is now well above all three, hinting at a short-term continuation in the uptrend.

Momentum Indicators

The MACD line crossed above the signal line during the overnight rally, indicating growing bullish momentum. The RSI reached 68 by midday, nearing overbought territory, suggesting a potential pullback may be imminent.

Volatility and Bollinger Bands

Bollinger Bands widened significantly during the morning hours, reflecting heightened volatility. Price closed near the upper band, suggesting strong buying pressure. However, a narrowing of bands later in the day hints at a potential consolidation phase.

Volume and Turnover

Volume spiked over 1,400 units in a 5-minute interval during the early morning ET, coinciding with the breakout from the 1943.0–1964.0 consolidation. Notional turnover followed suit, with a large $2.7 million transaction at the peak of the rally. No significant divergence between volume and price was observed.

Fibonacci Retracements

Fibonacci levels applied to the overnight swing show that 1963.0 and 1943.0 correspond to 38.2% and 61.8% retracements, respectively. The 61.8% level appears to be acting as a key support. A break below 1920.0 could bring the 78.6% retracement at 1912.0 into play.

Chainlink/Yen appears to have found strong demand near key Fibonacci levels and may test 1966.0 as the next immediate resistance. While the rally looks well supported, traders should remain cautious of overbought conditions and potential profit-taking. A pullback to 1920.0 or lower could bring in short-term selling pressure.