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Klaytn Price Analysis: KLAY shines above $1 support with bulls consolidating momentum for next $1.5 target

MATIC USD price analysis

TL;DR Breakdown

  • As of the writing of this Klaytn price analysis, KLAY still stuck around the  20-day EMA.
  • Bearish indicators include the MACD and the contracted Bollinger bands. 
  • Klaytn is anticipated to rally above its all-time high shortly.

Klaytn Price Analysis: General Price Analysis

Klaytn (KLAY) has shifted from being crypto of the day to being stuck around the $1 support. The coin accumulated a 21 percent gain within 24 hours after its Binance listing. An important announcement made by the Klaytn team recently is the enrollment of Korea’s Shinhan Bank into the governing council of the blockchain

As of the writing of this Klaytn price analysis, KLAY is still stuck around the 20-day exponential moving average and a long candlestick with a low at $0.98. 

The bulls can overturn the rigidity of the price and drive either of two recovery phases; attracting buyers within the overhead resistance and tagging the 200-day simple moving average at $1.51 or igniting a rebound from $0.98 to $1.29. The coin should then build substantial accumulation towards $1.29 and challenge the next price hurdles.  

Today’s Klaytn price analysis is bullish as the bears despair to pull the coin below the $1 mark. The coin broke from yesterday’s closing uptrend into a lower high at $1.003, suggesting entry of seller pressure above the psychological support. According to the 1-hour chart, a bullish crossover is evident on the moving average convergence divergence which suggests buyers’ optimism to challenge the $1.2 level. 

Klaytn price movement in the last 24 hours

Klaytn (KLAY) did not start the day well and sunk into a downtrend in the early morning session to a higher low of $0.97. Nonetheless, the bears have not been able to sink the price further as they only stayed within the lows for a brief moment before recovering above the $1 crucial support. The pattern attempts to complete the handle of a cup with a handle pattern on the 4-hour chart. Completion of which might have the price consolidate above $1.1 and $1.50.

Klaytn kicked off the daily trading chart at an opening price of $1.028, formed a daily low at $0.97, and a daily high at $1.0300. The intraday range is pretty low, an indication of low volatility. The RSI has been lying within the neutral zone since the start of the day. Other bearish indicators include the MACD and the contracted Bollinger bands. 

Klaytn price analysis
Source: TradingView

Klaytn 4-hour price chart

Klaytn (KLAY) is trading at $1.0053 against the US dollar at the time of writing. There are signs of a breakout on the 4-hour chart as the residing bears indicate the end of the low correction. The $1 price level is acting as support and as an accumulation point for new Klay buyers. This coin is yet to regain its all-time high at $4.35 that was attained in April before clearing away over 75 percent of its market price. 

Klaytn price analysis conclusion: What to expect? 

Klaytn is anticipated to rally above its all-time high in the near future. Analysts believe the coin was not through with its bull market before encountering the overall crypto market bear cycle. The next rally could have the coin hit targets above $5 and begin its journey towards $10. 

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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