Market Overview: Chainlink/Yen (LINKJPY) 24-Hour Analysis

• Chainlink/Yen (LINKJPY) closed lower after a volatile 24-hour session.• A late-night rally attempted a reversal but failed to sustain momentum.• Volume surged during key support break, confirming bearish conviction.

Chainlink/Yen (LINKJPY) opened at 2360.00 on 2025-11-07 at 12:00 ET and hit a high of 2489.00 before closing at 2422.00 on 2025-11-08 at 12:00 ET. The 24-hour session recorded a low of 2352.00. Total traded volume was 9,744.81, and notional turnover was 23,652,542.00 JPY. Price action revealed mixed sentiment, with late-day attempts at support holding briefly before a final breakdown.

Structure & Formations

Price found resistance around 2489.00 and support near 2352.00 and 2415.00 during the session. A bearish breakdown from the 2415.00 level was confirmed by a long bearish candle on the 15-minute chart. Notable candlestick patterns included a bearish engulfing pattern around 19:00 ET and a doji forming at 21:30 ET, signaling indecision. The final hour of the 24-hour period saw a bearish reversal pattern at 06:15 ET, suggesting further downside could be imminent.

Moving Averages

On the 15-minute chart, the 20-period moving average (20-MA) sat at approximately 2440.00, while the 50-period MA (50-MA) was slightly below it at 2437.00. This convergence indicated a potential consolidation phase earlier in the session before price broke below the 50-MA. On the daily chart, the 50-MA at 2410.00 and 100-MA at 2380.00 were closely aligned, with price closing just above the 50-MA, suggesting mixed signals for the near-term trend.

MACD & RSI

The MACD line crossed below the signal line in the final hour, confirming bearish momentum. RSI dipped into oversold territory (around 25) near the session close, but failed to form a bullish divergence, suggesting the sell-off might continue. The RSI's inability to rebound from 25-30 levels indicated weak buying interest despite the apparent oversold condition. The negative divergence between price and RSI suggested further downside is probable unless a strong reversal occurs.

Bollinger Bands

Volatility was evident, with the Bollinger Bands expanding during the mid-session rally and narrowing slightly in the final hours. Price spent most of the session near the lower band, indicating a bearish bias. The final breakdown below the 2415.00 support level pushed price closer to the lower band again, reinforcing bearish signals. The 20-period Bollinger Bands were centered at 2435.00, with price closing just below the lower band at 2422.00.

Volume & Turnover

Volume surged during the breakdown below 2415.00, confirming bearish conviction, and remained elevated in the final 4 hours of the session. Total turnover was highest in the 19:00-20:00 ET and 02:00-03:00 ET periods, suggesting key institutional or large-cap player activity. The volume-to-price relationship showed divergence during the attempted rallies, particularly at 20:45 ET, where price increased but volume failed to confirm the move.

Fibonacci Retracements

Fibonacci retracement levels on the 15-minute chart showed key resistance at 2433.00 (38.2%), 2446.00 (50%), and 2454.00 (61.8%). Price bounced off the 38.2% level on multiple occasions before failing at the 61.8% level in the final hours. Daily Fibonacci levels indicated potential support at 2400.00 (38.2%) and 2375.00 (50%), with price expected to test these levels in the next 24 hours if the bearish trend continues.

Backtest Hypothesis

To better evaluate the potential effectiveness of a strategy based on the observed bearish patterns, such as the bearish engulfing and breakdowns from key Fibonacci levels, a backtesting strategy would benefit from using a consistent and verifiable ticker symbol. While the provided data is in JPY, the “LINKJPY” symbol was not recognized by the data source, suggesting it may not be a standard listing. A likely solution is to use a cross-reference via a specific exchange, such as “BINANCE:LINKJPY” or a proxy pair like “BINANCE:LINKUSDT” and convert performance to JPY. Confirming the correct ticker would allow for a precise backtest of the pattern-based strategy and provide more accurate insights into its historical performance.