Market Overview for Neiro Ethereum/Yen (NEIROJPY) as of 2025-11-07

Summary• Price rallied from 0.02232 to 0.02437, closing at 0.02434 after a bullish breakout.
• Volatility surged with 15-minute Bollinger Band expansion and volume spikes above 40 million.
• RSI reached overbought levels near 70, indicating possible near-term resistance.

Price Action and Key Levels

Neiro Ethereum/Yen (NEIROJPY) opened at 0.02257 on 2025-11-06 at 12:00 ET, and over the next 24 hours, reached a high of 0.02437 and a low of 0.02112 before closing at 0.02434 on 2025-11-07 at 12:00 ET. Total volume amounted to 166.6 million, and with an average price of approximately 0.0236, notional turnover was around 4.00. The price action displayed a clear bullish breakout, supported by a key candlestick pattern—a bullish engulfing at the start of the session, followed by a strong continuation pattern.

Strong support appeared near 0.0223–0.0225, where the price bounced multiple times. Resistance levels emerged at 0.02304, 0.0234, and most recently, at 0.02434, where the price consolidated after the breakout. A continuation of the bullish trend may face early resistance at 0.02437, and a break above that could signal a larger move.

Volatility and Momentum

Bollinger Bands reflected a period of volatility expansion, especially between 01:00–05:30 ET, when the price moved well above the upper band. The 20-period RSI hit overbought territory near 70 during this phase, suggesting a possible pullback. However, the momentum did not reverse, and the price pushed higher. MACD indicated a strong positive divergence, with the histogram growing in height and duration, affirming the bullish bias.

The 20-period and 50-period moving averages crossed above the 0.0229–0.0231 range, confirming a short-term uptrend. The 50-period EMA now sits at approximately 0.0233, with the price well above it, indicating a continuation may be likely.

Fibonacci Retracements and Divergence

From the recent swing low of 0.02232 to the high of 0.02437, the price retested the 61.8% Fibonacci level near 0.0235. This level held as a support zone and was later turned into resistance after a break above it. The 38.2% level near 0.0232 also provided minor resistance earlier in the session. The lack of bearish reversal patterns on the daily chart suggests the trend may remain intact.

Volume and turnover showed a strong correlation, with large spikes during the breakout phase and consolidation phase. No clear divergence was observed, indicating strong conviction behind the move.

Risk and Outlook

A continuation of the bullish trend could see the price test 0.02437–0.0244 as the next key resistance, but a pullback to the 0.0236–0.0237 range may occur for consolidation. A break below 0.02304 could trigger a retest of 0.02232. Traders should watch for bearish signals at 0.02304 and potential bullish continuation above 0.02437.

The market appears to be in a strong short-term uptrend, supported by both momentum and volume, but volatility remains high. Investors should remain cautious of a near-term overbought condition and watch for potential reversal patterns as the price approaches the upper resistance.

Backtest Hypothesis

To test the robustness of key technical patterns observed, a backtest strategy was applied using the "Buy on Bullish Engulfing, sell on next-candle close" approach on NEIROJPY. This method leverages the pattern identified in the 15-minute chart, where a bullish engulfing pattern occurred at the start of the session and was followed by a strong continuation. The strategy is applied to historical NEIROJPY data from 2022-01-01 to 2025-11-06, using a fixed 8% stop-loss to manage risk. By analyzing the win rate, max drawdown, and cumulative return, the backtest aims to determine whether the pattern is statistically significant and tradable within this market.

The backtest assumes entry at the close of the engulfing candle and exit at the close of the next candle. Parameters are set to use the close price, no take-profit, and no max-holding period. Investors can use the provided dashboard to adjust parameters and compare results against benchmark ETFs if desired. This approach aligns with the observed price action today and provides a framework to evaluate the potential profitability of similar setups in future sessions.