Market Overview: NEAR Protocol/Yen (NEARJPY) - 24-Hour Analysis

Summary
• Price dropped from 276.9 to 273.1 before rebounding to close near 273.4.
• Volatility expanded during the session with multiple volume surges.
• A bullish engulfing pattern formed in early morning hours.
• RSI signaled oversold levels but failed to trigger a strong bounce.
• NEARJPY remained within a 271.0–276.3 range, showing tight consolidation.

NEAR Protocol/Yen (NEARJPY) opened at 276.1 on 2026-01-15 at 12:00 ET, hitting a high of 276.9 and a low of 271.0, closing at 273.4 by 12:00 ET on 2026-01-16. The 24-hour volume was 12,714.6 units, and total turnover reached 2,588,971.95 JPY.

Structure & Candlestick Formations

Price traced a descending triangle from 276.9 to 271.0, with support holding at 271.0 in multiple 5-minute intervals. A bullish engulfing pattern emerged during the early morning UTC hours, signaling potential reversal. However, subsequent price action remained in consolidation, failing to break out decisively above 276.3 or below 271.0.

Moving Averages

The 5-minute 20- and 50-period moving averages crossed bearishly early in the session, reinforcing the downward move. Daily 50- and 200-period MAs remain neutral with no clear bias, indicating a lack of strong directional momentum over a longer horizon.

MACD & RSI

MACD remained in negative territory for much of the session, confirming bearish momentum until late UTC hours. RSI hit oversold territory multiple times, but the absence of a strong follow-through indicated limited buying pressure. A potential divergence emerged in the late morning as RSI began to rise while price remained stagnant.

Bollinger Bands

Volatility increased significantly during the afternoon UTC hours, with price moving from the lower band at 271.0 to near the upper band at 276.3. A contraction occurred between 03:00 and 04:00 UTC, suggesting a potential breakout ahead, though it fizzled out into a sideways pattern.

Volume & Turnover

Volume spiked sharply at 02:30 and 06:30 UTC, coinciding with price declines and rebounds, respectively. Turnover confirmed these spikes, indicating active participation. However, volume during the bullish engulfing pattern remained moderate, reducing its strength.

Fibonacci Retracements

The 61.8% Fibonacci level at 273.2 closely aligned with the final 24-hour close, suggesting a temporary area of support. A 38.2% retracement from the 276.9 high to 271.0 low came in at 274.2, where price stalled briefly before falling again.

The market appears to be consolidating within a defined range, with the potential for a breakout or continuation pattern. Traders may watch the 273.4 close as a near-term pivot, with a move above 276.3 or below 271.0 likely to indicate direction. However, the absence of strong volume or momentum suggests caution for the next 24 hours.