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KLAY Price Analysis: KLAY/USD attempting to recover and find support at $1.20

XTZ price analysis

TL;DR Breakdown

  • Klay price analysis is bullish today
  • The overall cryptocurrency market is trading upwards for the last 24 hours.
  • Klay is strengthening its buyer positions as the bulls try to beat a double bottom at $1.12.

KLAY Price Analysis: General price overview

Klay’s price is in a very good spot today, as the market recovered from a $0.99 retracement around 6:00 a.m. and established a new high of $1.154 over the 4-hour period.

Our forecast foresees a consolidation in the price for the KLAY/USD pair, with potential support at $1.20 and resistance at $1.5. On the other hand, we expect the token to consolidate or retrace down and test $1.80 on the upswing, although retreating downwards is less likely to happen. The chances the price will break below $1.90 are low.

Our technical model is bullish for today, although an impulsive move toward the upside looks less likely to happen, given that volumes are still on the decline, signaling a lack of interest in buyers to enter at higher prices.

The cryptocurrency market as a whole is gaining ground for the last 24 hours, with Bitcoin, Ethereum, and Dogecoin all posting gains of 3.54%, 7.11,%, and 11% respectively. Dogecoin has been the best performer during this time after posting the record daily gains.

Klay price movement in the last 24 hours

The overall market for digital coins is acting well. The price of Bitcoin steadied at around $43.65K. Traders almost fell into panic mode following a sink in the Greed & Fear index. Meanwhile, Klay has traded between a tight daily range from $1.127 – $1.154, suggesting low volatility.

Klay Price analysis on the 4-hour chart 

The 4-hour Klay price analysis indicates that the crypto is strengthening its buyer positions as the bulls seek to break a double bottom at $1.12.

The price of Klay has been positively volatile in the last two weeks, with strong bullish momentum. The currency was able to recoup well against $0.85 at the start of the movement, before rising by 100 percent and topping out at $2.00 support. 

Nonetheless, before consolidating sufficient strength for this week’s bullish surge, the coin will need one more retracement. KLAY/USD is currently valued at $1.143

Klay price analysis
Source: TradingView

Klay price analysis conclusion 

The Klay price analysis is bullish for the coming 24 hours, as the bulls prepare to push the market higher after establishing our opening price at $1.129 in the morning. As a result, we can anticipate KLAY/USD to rise and attempt to establish a new intraday high from there.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions

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