Market Overview for Neiro Ethereum/Yen (NEIROJPY) on 2025-09-23

• NEIROJPY opened at $0.04324, reached a high of $0.04334, and closed at $0.04202 after a 24-hour decline.
• Price experienced a bearish reversal after forming bearish engulfing patterns and testing a key support zone.
• Momentum weakened with the RSI dropping into oversold territory, signaling potential for a near-term bounce.
• Volatility increased sharply overnight, but volume failed to confirm the downward move after 05:00 ET.
• The 15-minute Bollinger Bands narrowed pre-liquidation before a sharp decline, hinting at a potential breakout failure.

Neiro Ethereum/Yen (NEIROJPY) opened the 24-hour period on 2025-09-23 at $0.04324 and closed at $0.04202, reaching a high of $0.04334 and a low of $0.04173. Total volume over the 24-hour period was 61,078,415.0 units, with a notional turnover of $2,566,010.40. The pair experienced heightened volatility and a sharp decline after 05:00 ET, despite the absence of a proportional increase in volume during the move.

The candlestick structure reveals multiple bearish signals. A bearish engulfing pattern formed around $0.04315–$0.04306 at 00:00 ET, followed by a doji at $0.04294–$0.04294. A key support level at $0.042 was tested twice and eventually broken during the early hours of the morning. The formation of a bearish continuation pattern after the initial pullback suggests that sellers have control over the near-term direction. The price has been trading below its 20 and 50-period moving averages for the 15-minute chart, indicating a short-term downtrend.

The momentum as measured by the MACD shows a bearish crossover, with the line dropping below the signal line and diverging from the price action after 05:00 ET. The RSI has entered oversold territory below 30, suggesting a potential rebound, though bearish volume and price behavior suggest exhaustion may not be the case. Bollinger Bands have expanded significantly during the liquidation phase, indicating a period of heightened volatility. Price closed near the lower band, which may act as a short-term support level.

Fibonacci retracement levels drawn from the recent high at $0.04334 to the low at $0.04173 show that the current price is trading just below the 61.8% retracement level at $0.04210. This level may serve as a pivot point for near-term action. Volume has been unevenly distributed, with the largest spike occurring at 03:30 ET when the price surged from $0.04138 to $0.04248, followed by a sharp decline. The divergence between volume and price during the decline indicates that the move may not be fully confirmed by market participation.

Backtest Hypothesis

Given the bearish engulfing and doji patterns observed in the 15-minute chart, alongside the RSI entering oversold territory and Bollinger Bands indicating high volatility, a potential strategy could involve a short bias with a stop above the 61.8% Fibonacci level at $0.04210. A long bias may also be considered if the price shows a rejection at $0.04173, with a stop below the 38.2% level at $0.04188. This hypothesis is based on the assumption that the market will respect key Fibonacci levels and that the divergence in volume and price action will continue to provide signals.