Market Overview for NEAR Protocol/Yen (NEARJPY)

Summary
• Price opened at 295.6 and closed at 293.1, with a 24-hour high of 304.1 and low of 293.8.
• A bearish trend emerged after a sharp 15-minute drop from 300.5 to 293.8.
• High volatility seen in 2330–0000 ET, with peak volume at 1443.5.

NEAR Protocol/Yen (NEARJPY) opened at 295.6 on 2025-11-05 at 12:00 ET and closed at 293.1 on 2025-11-06 at 12:00 ET. The pair reached a 24-hour high of 304.1 and a low of 293.8. Total volume for the period was 14,087.7, with a notional turnover of 3,903,008.5 (calculated from NEARJPY prices and volumes).

The price movement suggests a bearish consolidation, with a notable sell-off occurring after a rally in late-night hours. A bearish engulfing pattern formed at the 300.5 to 293.8 move, signaling a potential reversal after a short-term bullish impulse. A doji also appeared at 295.2, indicating indecision and a possible trend change.

Moving averages on the 15-minute chart show 20-period and 50-period lines currently in a bearish crossover, reinforcing the downward pressure. On the daily chart, NEARJPY appears to be testing the 200-day MA, suggesting potential exhaustion in the bullish trend.

The MACD line crossed below the signal line, confirming a bearish shift in momentum. RSI has settled into the oversold territory (28–30), which may indicate a potential bounce, but bearish divergence with price suggests caution. Bollinger Bands show a moderate expansion in the last 6 hours, with price staying below the middle band, signaling a continuation of the bearish bias.

Volume spiked significantly during the 2330–0000 ET session, reaching a peak of 1443.5, supporting the strength of the sell-off. Turnover mirrored volume closely, with no significant divergence observed. Fibonacci retracement levels at 296.2 and 293.1 appear to be acting as key resistance and support, respectively, for the near term.

A strong bearish reversal pattern formed in the last 24 hours, supported by bearish crossovers in moving averages and a confirmation from the MACD. Traders may want to watch the 293.1 level closely, as a break below could open the path to 292.1 and beyond. However, a rebound into oversold RSI territory could offer short-term relief, though bearish continuation remains likely in the absence of strong reversal signals.

Backtest Hypothesis
The NEARJPY pair has shown clear bearish bias over the last 24 hours, with a mix of bearish candlestick formations and technical indicators confirming the downtrend. A potential backtest strategy could focus on a short entry triggered by a bearish engulfing pattern with confirmation from the MACD crossover and RSI in oversold territory. This would align with observed price behavior and could be optimized for 15-minute or 1-hour timeframes. Since NEARJPY may not be directly supported by the data source, a more robust approach would be to backtest using NEARUSDT and convert USD to JPY using USD/JPY rates for a more accurate proxy. This method would allow for a more reliable historical analysis and strategy tuning before deployment on the NEARJPY pair.