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

Summary
• Price action shows a bearish reversal at 1920.0 with a potential test of 1905.0.
• RSI and MACD indicate weakening momentum and a possible oversold condition.
• Volatility expanded during the 04:45–05:00 ET window, reflecting increased selling pressure.
• Volume spiked during the 04:45–05:00 ET candle, confirming bearish sentiment.
• Bollinger Bands suggest a contraction ahead as price trades near the lower band.

At 12:00 ET on 2026-01-01, Chainlink/Yen (LINKJPY) opened at 1937.0, peaked at 1937.0, and closed at 1920.0 after a low of 1905.0. Total volume was 1399.08, and notional turnover reached 2.64 million JPY over the 24-hour window.

Structure & Moving Averages

Price action shows a bearish reversal at 1920.0, with support forming at 1905.0 and 1910.0. Resistance appears at 1917.0 and 1920.0. The 20-period 5-min moving average dipped below the 50-period line, reinforcing a short-term bearish bias.

Momentum Indicators & Volatility

The RSI moved into oversold territory during the 04:45–05:00 ET candle and remains near 30. MACD showed a bearish crossover earlier in the 24-hour period. Volatility expanded during the same window, with price falling near the lower Bollinger Band, suggesting potential for a rebound or further consolidation.

Volume and Fibonacci Levels

Trading volume surged during the 04:45–05:00 ET period with a 1905.0 close, aligning with a 61.8% Fibonacci retracement level from the prior high. Volume has generally remained low, but key spikes correlate with sharp downward moves.

The market appears to be testing key support levels amid fading momentum. A break below 1905.0 could trigger a deeper correction, though a bounce from this level may offer a short-term buying opportunity. Investors should watch for divergence between price and volume.