Market Overview: Neiro Ethereum/Yen (NEIROJPY) 24-Hour Summary

Summary
• NEIROJPY opens at $0.02571, peaks at $0.0282, and closes at $0.02683, down ~2.13%.
• Strong bearish momentum is seen after hitting $0.02804, with volume surging at that level.
• Key resistance at $0.02745–$0.02772 is evident; price fails to hold above it.

Neiro Ethereum/Yen (NEIROJPY) opened at $0.02571 on 2025-11-07 at 12:00 ET, reaching a high of $0.0282 and a low of $0.02566, closing at $0.02683 on 2025-11-08 at 12:00 ET. The 24-hour volume totaled ~116,189,600 and turnover reached ~$3,124,700, indicating robust activity during the session.

The structure of the 24-hour candlestick data shows a strong bearish reversal pattern from $0.02804 after a large bullish candle. The 0.02745–0.02772 range acted as a key resistance zone multiple times, with rejection evident in several doji and bearish engulfing patterns. Notably, at 21:15 ET, the price surged to $0.02804 on a massive volume spike of 70,042,960 units, followed by a quick pullback, forming a potential bearish reversal.

The 20-period and 50-period moving averages on the 15-minute chart suggest a bearish crossover took place during the latter half of the session, aligning with the downward move. On the daily timeframe, the 50-period MA appears to offer support around $0.02691–$0.02706, while the 200-period MA sits lower at approximately $0.0273, suggesting potential for a further correction.

The RSI on the 15-minute chart peaked above 60 after the $0.02804 high, indicating overbought conditions, which was not followed by significant bullish continuation, signaling a probable reversal. MACD turned negative after the 21:15 ET spike, with the histogram showing bearish divergence. Bollinger Bands expanded during the late ET hours, with prices breaking the upper band before retracting sharply, showing heightened volatility.

Volume and turnover data were most active during the 21:15 ET and 04:15 ET spikes, coinciding with key resistance tests. A divergence is seen between price and volume around 06:00 ET when price fell but volume did not confirm the strength of the bearish move. On Fibonacci, key retracements at 61.8% ($0.0271–$0.0273) and 38.2% ($0.0264–$0.0266) were tested, with the former acting as a strong support zone.

Backtest Hypothesis
A backtesting strategy was aimed at identifying bearish-engulfing patterns around the 0.02745–0.02772 resistance zone. The pattern emerged clearly during the 20:15 ET and 20:30 ET candles, where a bullish candle was followed by a larger bearish one, confirming bearish bias. If executed, a short trade at the close of the engulfing candle (around $0.02745) would have captured the 170–230 pip decline seen in the following 4.5 hours. The strategy would benefit from tighter stops and fast exit upon a retest of 0.02745.