NEARJPY Crumbles Past Key Support Amid Surging Tokyo Volume

Summary
• NEARJPY formed bearish reversal patterns after reaching a 24-hour high of 174.9 before retreating to 163.7.
• Key support at 165.5 and resistance at 171.5 were tested multiple times with mixed conviction.
• Volume surged in early morning Tokyo trading, confirming the sharp decline from 169.8 to 163.7.
• RSI entered oversold territory around 30, while MACD turned bearish following a peak in late-night ET trading.
• Volatility expanded during the sell-off, with Bollinger Bands widening as price broke below the midline.

NEAR Protocol/Yen (NEARJPY) opened at 170.3 on 2026-02-06 12:00 ET, surged to 174.9, and closed at 164.3 on 2026-02-07 12:00 ET. Total volume reached 12,487.7 and turnover hit 2,268,899.93 JPY over the 24-hour window.

Structure & Formations

The price action featured multiple bearish reversal signals, including a shooting star near 174.9 and a bearish engulfing pattern forming at 170.3–171.5. A key support level at 165.5 held briefly but broke decisively in the early Tokyo session.

Moving Averages and Fibonacci Retracements

On the 5-minute chart, NEARJPY closed below the 20 and 50-period SMAs, reinforcing bearish momentum. Daily MAs (50/100/200) appear aligned to the downside. Price found support near the 61.8% Fibonacci retracement of the 163.7–174.9 swing, but failed to rebound from it.

Momentum and Volatility

MACD turned negative in the early morning, confirming the sell-off. RSI entered oversold territory (~30) after the sharp drop to 163.7. Volatility expanded during the decline, with Bollinger Bands widening significantly as price tested the lower band multiple times.

Volume and Turnover Dynamics

Volume spiked during the 07:15–09:45 ET window as NEARJPY fell from 169.8 to 163.7, suggesting increased selling pressure. Turnover also surged during the same period, aligning with price action and reinforcing the bearish trend.

NEARJPY may consolidate near 163.7–164.3 before potentially testing the next support at 161.5. A retest of 171.5 could occur if buyers emerge, but the near-term bias appears to favor continuation of the downtrend. Investors should remain cautious of further downside risk and potential gaps due to low liquidity periods.