Summary
• Price surged to 2181 before consolidating near 2158, forming bullish and bearish candlestick patterns.
• RSI and MACD show mixed momentum, with RSI suggesting overbought conditions toward the end of the session.
• Volatility expanded significantly during the late ET session, with volume spiking near key resistance.
Chainlink/Yen (LINKJPY) opened at 2080 on 12:00 ET−1 and closed at 2158 on 12:00 ET, hitting a high of 2181 and a low of 2080. Total volume was 16,627.06, and notional turnover amounted to ¥35,082,398.
Structure & Formations
Price advanced on the session with a strong bull move into the afternoon hours, forming a series of higher highs and higher lows. A large bullish engulfing candle at 21:30 ET−1 signaled renewed buying pressure, followed by a bearish rejection near 2181 at 08:30 ET. A doji formed at 08:45 ET, hinting at indecision after the rally.
Moving Averages
On the 5-minute chart, the 20-period and 50-period moving averages both trended upward through the session, indicating continued bullish momentum for most of the day. By late ET, the 50-period MA crossed above the 20-period MA on the hourly chart, suggesting a potential slowdown in upward bias.
MACD & RSI
The MACD histogram widened during the morning session, confirming the strength of the rally, but began to contract as the afternoon progressed.
RSI reached overbought territory (above 70) in the final hours, suggesting potential near-term exhaustion or a correction could be on the horizon.
Bollinger Bands
Bollinger Bands expanded significantly as the rally unfolded, with price pushing above the upper band for a short time before retreating. The retracement into the midband suggests a potential consolidation phase ahead. Volatility appears to have reached a peak.
Volume & Turnover
Volume surged in the late ET session, particularly between 08:30 and 09:30 ET, as price reached a new intraday high. Notional turnover spiked correspondingly, confirming the strength of the move. However, volume dipped slightly during the retracement, indicating waning conviction.
Fibonacci Retracements
Key 5-minute retracements aligned with a 61.8% level at 2156, which coincided with today’s closing price. On the daily chart, a 38.2% retracement at 2145 appeared to act as short-term support during the early hours of the session.
The market appears to be in a consolidation phase following a strong rally, with overbought indicators and high volatility suggesting a potential pause or pullback. Investors may watch for a break below 2140 as a signal of near-term bearish pressure, though the rally remains intact. Volatility and momentum indicators suggest a cautious approach for the next 24 hours.
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