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

• NEARJPY climbed from 391.0 to 444.6, gaining over 13.7% in 24 hours.
• Volume surged past 13,000 units by 16:00 ET, confirming a strong bullish breakout.
• RSI reached 72 by 14:30 ET, indicating short-term overbought conditions.
• Bollinger Bands showed a recent widening, suggesting rising volatility.
• Price formed multiple bullish engulfing patterns during the overnight rally.

The NEAR Protocol/Yen (NEARJPY) pair opened at 391.0 on 2025-09-17 12:00 ET and closed at 444.6 as of 12:00 ET on 2025-09-18. Over the 24-hour period, it touched a high of 445.0 and a low of 389.3. The total trading volume reached 13,297.5 units, with a notional turnover of 5,475,845.3 JPY. The price action appears to reflect strong bullish momentum, especially in the early hours of the New York session.

Structure & Formations

The 15-minute OHLCV data reveals a series of bullish engulfing patterns and a strong break above the 410.0 resistance level. The price formed key support levels at 391.0 and 400.6 during early consolidation, while resistance levels at 420.0 and 430.0 were sequentially taken out by late morning. A notable doji appeared at 425.1 around 03:45 ET, suggesting a temporary tug of war between buyers and sellers, which was resolved by a subsequent breakout above 427.5. This indicates that the psychology of the market appears to have shifted decisively in favor of the bulls.

Moving Averages and Momentum

Short-term momentum was confirmed by the price staying well above both the 20- and 50-period moving averages on the 15-minute chart, indicating sustained bullish momentum. On the daily timeframe, the 50- and 200-day moving averages have not been provided, but the 15-minute chart suggests that the trend is likely to continue unless a reversal forms above the 445.0 level. The MACD line showed a strong positive divergence from 03:00 ET onward, reinforcing the idea that the buying pressure remains intact. RSI reached overbought territory (above 70) by 14:30 ET, indicating a possible slowdown in the near term, but not necessarily a reversal.

Bollinger Bands and Volatility

Bollinger Bands have widened significantly since 04:00 ET, reflecting rising volatility and increased trading interest. The price has remained well above the upper band at various points, particularly between 05:00 and 09:00 ET. This suggests a high level of conviction among buyers. However, the widening of the bands also indicates that the market is in a period of high uncertainty, and a contraction may follow if the price enters consolidation.

Volume and Turnover

Volume spiked above 2,000 units at 03:15 ET and again at 08:30 ET, with the latter coinciding with a sharp move above 430.0. The notional turnover also surged during these periods, showing a clear alignment with the price move. No significant divergences were observed between price and volume, which implies that the recent rally is likely supported by fundamental buying rather than speculative momentum.

Fibonacci Retracements

Applying Fibonacci retracements to the recent swing from 389.3 to 445.0, the 61.8% retracement level is at 417.9, and the 38.2% level at 430.7. The price has already cleared the 61.8% level, and the 430.7 level is currently acting as a minor resistance. If buyers continue to push the price above 440.0, the next target could be the 450.0 psychological level. A pullback to the 430.7 level could offer a short-term entry for continuation traders.

Backtest Hypothesis

A backtesting strategy could be built around entering long positions when the price closes above the 20-period EMA on the 15-minute chart and RSI remains above 55, indicating bullish momentum. A stop-loss could be placed below the most recent support level, and the take-profit target could be set at the next Fibonacci retracement level above. Given the recent pattern of strong volume and aligned momentum indicators, this approach may offer a favorable risk-reward ratio, especially if the price continues to trade above 430.7 over the next 24 hours.