Market Overview for NEAR Protocol/Yen (NEARJPY) – 24-Hour Candlestick Analysis

• NEARJPY surged from a morning low of 388.3 to a late-night high of 401.2, posting a strong upward bias.
• Volume spiked over 2800 units during the 13:30 ET session as price reached a 24-hour peak.
• RSI and MACD indicate rising momentum with potential overbought conditions emerging.
• Price formed bullish engulfing and hammer patterns during key rally phases.
• Volatility expanded as NEARJPY broke above a 395.0 psychological resistance.

The NEAR Protocol/Yen pair (NEARJPY) opened at 391.7 on 2025-09-09 12:00 ET, hit a low of 388.3, and closed at 398.6 at 12:00 ET on 2025-09-10. The price surged by ~2.46% over 24 hours. Total volume reached 10,918.6 units, with a notional turnover of ~JPY 4,274,000. The market exhibited clear bullish momentum and increasing volatility.

Structure & Formations

The NEARJPY candlestick pattern shows a strong upward bias with key resistance levels forming at 395.0 and 398.0. A bullish engulfing pattern emerged around 02:45 ET as price broke above 395.1. Later, at 13:30 ET, a large bullish candle with a high of 401.2 and a low of 399.7 confirmed a breakout above the prior 24-hour high. A hammer pattern at 16:00 ET suggested a possible consolidation phase ahead. A bearish divergence was observed in the RSI near 02:30 ET, but it failed to hold as buying pressure returned.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are in strong bullish alignment, with price staying above both throughout the rally. The 50-period MA crossed above the 20-period MA early in the rally, confirming a bullish momentum shift. On the daily chart, NEARJPY is above the 50, 100, and 200-day moving averages, indicating a healthy longer-term trend.

MACD & RSI

The MACD line rose sharply after 01:30 ET, reflecting strong momentum, with a bullish crossover occurring at 01:45 ET. The RSI climbed into overbought territory around 03:30 ET and stayed there until late evening, indicating strong accumulation and potential for a near-term pullback. However, the market has shown resilience, with the RSI holding above 60 for much of the day.

Bollinger Bands

Volatility expanded significantly between 01:30 and 04:00 ET, with price reaching the upper Bollinger Band as it surged above 395.0. This expansion was followed by a contraction between 05:00 and 08:00 ET, suggesting a potential pause. By 13:30 ET, price broke above the upper band again, confirming bullish strength. The 24-hour volatility was above average, with a peak-to-trough range of 12.9 yen.

Volume & Turnover

Volume spiked at 13:30 ET with a candle of 2834.0 units, the largest in the 24-hour period, confirming the breakout above 400.0. Turnover also surged during this session, indicating strong institutional or high-volume retail participation. There were divergences in volume and price action between 02:30 and 03:30 ET when the RSI hit overbought territory but volume was moderate, suggesting potential exhaustion.

Fibonacci Retracements

Applying Fibonacci to the major 15-minute swing from 388.3 to 401.2, the 23.6% retracement at 396.4 and 38.2% retracement at 395.0 were key resistance levels. The 61.8% retracement at 392.9 acted as support during a pullback in the early hours of the morning. On the daily chart, the 50% retracement of the larger swing (not fully visible in this dataset) would be a key watch level for further consolidation or breakout.

Backtest Hypothesis

If we were to backtest a strategy based on the observed technical signals—such as long entries on bullish engulfing patterns, confirmed breakouts above key moving averages, and divergence corrections in RSI—we might design a 15-minute timeframe strategy that enters long on a bullish engulfing pattern followed by a breakout above the 20-period MA. A stop-loss would be placed just below the 388.3 low of the day, and a take-profit could be set at the 395.0 Fibonacci level or the next major resistance above 400.0. This strategy would aim to capture the surge in momentum observed between 01:30 and 04:00 ET, leveraging the high volume and bullish divergence in RSI for strong confirmation.