Market Overview for NEAR Protocol/Yen

Summary
• NEARJPY formed a bullish engulfing pattern from 19:45 to 20:00 ET, followed by a consolidation phase.
• RSI reached overbought levels around 20:00 ET before pulling back, indicating potential short-term exhaustion.
• Volatility expanded around 21:45 ET as price dropped from 245.0 to 242.5, with increased notional turnover.
• Bollinger Bands showed a contraction between 21:00 and 21:45 ET, followed by a breakout and reversion to the midband.
• Volume was sparse during low-activity hours but spiked during the 703.8-volume candle at 07:45 ET.

NEAR Protocol/Yen (NEARJPY) opened at 243.1 on 2025-12-19 at 12:00 ET, reached a high of 245.0, a low of 237.5, and closed at 239.9 as of 12:00 ET on 2025-12-20. Total volume for the 24-hour window was 9,487.7, with a notional turnover of 2,330,660.8 JPY.

Structure & Formations

Price action on the 5-minute chart displayed a clear bullish engulfing pattern between 19:45 and 20:00 ET, suggesting short-term buying pressure.

This was followed by a period of consolidation and a failed attempt to retest the 245.0 level. A bearish divergence became apparent around 05:00 ET, where price made lower highs but RSI failed to confirm the bearish momentum. A doji formed at 05:45 ET, signaling indecision.

Moving Averages

Price action on the 5-minute chart displayed a clear bullish engulfing pattern between 19:45 and 20:00 ET, suggesting short-term buying pressure. On the 5-minute chart, price closed below both the 20-period and 50-period moving averages, indicating a bearish bias in the very short term. On a broader scale, the 50-period daily moving average appears to provide a key dynamic support level around the 240.0 region, with the 200-period line slightly above 245.0 offering resistance.

Momentum Indicators (MACD & RSI)

The MACD histogram showed a bearish crossover around 21:00 ET, coinciding with a pullback in price. RSI reached overbought territory at 20:00 ET, with a reading near 75, before declining below 50 by 02:00 ET, signaling a potential correction. This suggests that while buyers were dominant in the early evening, they lost strength overnight as sellers gained control.

Bollinger Bands

A volatility contraction was observed between 21:00 and 21:45 ET, with price moving within a tight band. The subsequent breakout to 245.0 was followed by a reversion toward the midband. By the end of the day, price was trading near the lower band, indicating a possible oversold condition. This dynamic suggests that volatility may expand again in the near term.

Volume & Turnover

Volume was generally subdued during low-activity hours but spiked significantly at 07:45 ET (703.8 volume) and again at 15:00 ET (263.9 volume). Notional turnover mirrored the volume trends, with the highest turnover occurring during the 07:45 ET spike. The divergence between volume and price during the 02:00–05:00 ET period suggests potential exhaustion among sellers.

Fibonacci Retracements

Applying Fibonacci retracement to the key swing from 245.0 to 237.5, the 38.2% level at 241.9 and 61.8% at 239.3 were tested twice during the session, with the 61.8% level offering strong support. This suggests the 239.3–241.9 range could act as a trading range in the short term, with 245.0 as the next key resistance if bullish momentum resumes.

In the next 24 hours, NEARJPY may test the 240.0 support level or attempt a retest of the 245.0 resistance. Investors should remain cautious of potential bearish momentum if the 239.3 level is breached.