Market Overview for NEAR Protocol/Yen (NEARJPY): Bearish Momentum and Oversold Bounce Potential

Summary
• NEARJPY formed a bearish engulfing pattern at 245.3/245.2, followed by a sharp selloff to 235.5.
• Price remains below both 20- and 50-period moving averages on the 5-minute chart, signaling downward bias.
• Volatility expanded after 19:00 ET with a 5.8 NEARJPY range and significant volume at 235.5.
• RSI hit oversold territory near 231.1 but failed to trigger a rebound, suggesting bearish momentum.
• Bollinger Bands show price testing the lower band at 231.1–232.1, with a potential bounce or breakdown expected.

The NEAR Protocol/Yen pair (NEARJPY) opened at 245.3 on 2025-12-22 12:00 ET, reached a high of 245.3, a low of 230.0, and closed at 233.6 on 2025-12-23 12:00 ET. Total volume was 28,913.0 with a notional turnover of 7,091,968.0 JPY.

Structure & Moving Averages

Price action formed a bearish engulfing pattern early in the session, followed by a prolonged downtrend. NEARJPY has remained below both the 20- and 50-period moving averages on the 5-minute chart, indicating bearish bias. On the daily timeframe, the 50-period line appears to be a key resistance near 240.0.

Momentum and Oscillators

The RSI reached oversold territory near 231.1 and showed limited rebound strength, suggesting bearish momentum is intact. MACD remained negative with no clear bullish divergence.

Volatility and Bollinger Bands

Volatility expanded significantly between 19:00 and 23:00 ET, with a sharp selloff from 245.3 to 235.5. Bollinger Bands widened during this time, and price has been testing the lower band between 231.1 and 232.1.

Looking ahead, NEARJPY could see a bounce off the lower Bollinger Band or break below 231.1 if bearish momentum persists. Investors should monitor the 235.5 support level and watch for volume confirmation on any potential rebound.