Market Overview for Neiro Ethereum/Yen (NEIROJPY)

Summary
• NEIROJPY opened at 0.02389 and closed at 0.02358 after hitting a high of 0.02476 and a low of 0.02254.
• A sharp intraday sell-off occurred between 20:15–20:30 ET, with volume spiking to 1.35 million.
• Momentum indicators show bearish divergence, while price remains below all major moving averages.

Opening Summary and Price Action

Neiro Ethereum/Yen (NEIROJPY) opened at 0.02389 at 12:00 ET–1 and closed at 0.02358 at 12:00 ET. The pair reached a high of 0.02476 and a low of 0.02254 during the 24-hour period. Total volume was 65.9 million, with turnover amounting to 1.599 billion. The price action suggests strong bearish momentum after a sharp sell-off, particularly between 20:15–20:30 ET, where volume surged to 1.35 million as NEIROJPY fell nearly 8% to 0.02265.

Structure & Formations

The price formed a bearish engulfing pattern around 20:15–20:30 ET, indicating a potential reversal. Support levels emerged at 0.02409 and 0.02389, while resistance was tested at 0.02435 and 0.02450. A long bearish candle closed the session near the 24-hour low, suggesting a possible continuation of the downward trend.

Moving Averages and MACD/RSI

On the 15-minute chart, the 20-period and 50-period moving averages are bearishly aligned, with NEIROJPY trading below both. The MACD turned negative during the sell-off, confirming bearish momentum. RSI fell into oversold territory during the selloff, though it has since risen slightly, indicating potential for a short-term rebound, but not a reversal.

Bollinger Bands and Fibonacci Levels

Bollinger Bands widened during the sharp sell-off, signaling increased volatility. Price fell below the 20-period band to trade near the lower boundary at 0.02254. On the Fibonacci scale, the low of 0.02254 aligns closely with the 61.8% retracement level of the earlier bullish move, suggesting a possible consolidation or test of key support in the near term.

Volume and Turnover Analysis

Volume spiked significantly between 20:15–20:30 ET, with a 1.35 million contract turnover during the sharp sell-off, while prices continued to decline. This divergence suggests a lack of buying interest despite the volume spike. Turnover remained elevated through the session but has shown signs of easing, which could indicate a slowdown in short-term momentum.

Backtest Hypothesis

The bearish engulfing pattern identified during the 20:15–20:30 ET window could serve as a strong candidate for a backtesting strategy. If applied to a similar dataset of daily OHLC data, this pattern could be used to generate a “sell at next-day open” signal. Testing such a strategy on NEIROJPY or similar pairs could provide valuable insight into the reliability of this candlestick formation in a high-volatility environment.