Market Overview for NEAR Protocol/Yen (NEARJPY) on 2025-10-31

• NEARJPY formed a bearish reversal structure with a low of 314.5 and rally to 331.1 within 24 hours.
• Momentum shifted from oversold (RSI 26.3) to overbought (RSI 84.2), indicating possible short-term exhaustion.
• Volatility expanded, with Bollinger Bands widening 12.5% from prior 24-hour range.
• Volume spiked 180% during the final 6 hours, confirming a potential reversal at 330.5.
• 38.2% Fibonacci level at 324.9 aligned with key support; price tested this level twice.

Daily Price Action and Context

NEARJPY opened at 325.1 (12:00 ET - 1) and touched a low of 314.5 before recovering to a high of 331.1 by 12:00 ET. The 24-hour range of 16.7 reflects heightened volatility amid mixed sentiment. Total trading volume amounted to 16,783.7 with a notional turnover of ¥5,463,881.0. Price action suggests a potential exhaustion in downward momentum and a test of key resistance levels.

Structure and Patterns

Key support levels emerged at 314.5 (initial low), 317.1, and 324.9, with 324.9 overlapping the 38.2% Fibonacci retracement level from the 314.5–331.1 swing. A bearish engulfing pattern appeared at 314.5, followed by a bullish recovery into the 330.5–331.1 range. No clear reversal patterns emerged at the 24-hour high, but price action showed some consolidation in the final 45-minute candle.

Moving Averages and Volatility

On the 15-minute chart, price crossed above the 20-period SMA (326.1) and 50-period SMA (325.3) by the final hour, suggesting short-term bullish momentum. The 50-period daily SMA at 324.7 and 200-period SMA at 319.8 were both tested within the 24-hour period, with the 200SMA now providing a potential floor. Bollinger Bands expanded to a width of 12.5% as volatility increased sharply following the 314.5 low.

Momentum and Indicators

RSI hit a 24-hour low of 26.3, suggesting oversold conditions, and later surged to 84.2, indicating overbought territory. MACD crossed above the signal line in the last 2 hours, signaling a bullish crossover. However, divergence appeared in the final hour between rising prices and flattening MACD, which could signal a near-term correction. Volume spiked to a 24-hour high of 1,082.4 during the 1245–1300 ET candle, aligning with a 327.3 closing price and confirming upward momentum.

Backtest Hypothesis

Given the emergence of a bearish engulfing pattern at 314.5, a backtest of the “bearish-engulfing” candlestick signal could be useful for NEARJPY. The signal typically indicates a potential short-term reversal from bullish to bearish momentum and is best applied with volume confirmation. However, due to a recent data discrepancy—where the data provider returned an “asset not found” error for NEARJPY—it is critical to confirm the exact ticker symbol for accurate backtesting. Common alternatives include NEAR/JPY (spot pair code), NEARJPY-FX (synthetic FX feed), or NEARJPYCrypto (with an asset-class suffix). Once the correct ticker is identified, the signal series can be extracted automatically, and the backtest can be run for NEAR Protocol/Yen.