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Klaytn price analysis: KLAY dashes above $0.95 as bulls clear path for $1.2

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TL; DR Breakdown

  • The entire cryptocurrency heatmap is in green, signaling a bullish market. 
  • Klaytn RSI is lying slightly above the 30 in the overbought region.
  • The MACD line has crossed over the red line indicating that the market is bullish.

Klaytn price analysis: General price overview

Bears took control of the market on the daily chart, bringing the price to $0.9189. A few minutes later, the enraged buyers gained control of the market, driving the price high in a rising wedge and hitting resistance near the intraday high at  $1.200.  Klaytn found support at $0.9046. 

KLAY began an uptrend before facing resistance at $0.9142. Since then, the coin has been trading within a  head and shoulder pattern. This time the sellers were strategizing on how to pull back the price. Bears were thoroughly prepared and ready to battle the bulls and send the price down twenty minutes into the day.  

As a result,  Klaytn’s price fell to an intraday low of $0.8995. The bulls appear to be reversing the negative trend on the 1-hour price analysis chart. The bulls are reversing the trend.

The entire cryptocurrency heatmap is in green, signaling a bullish market. The largest virtual currency, Bitcoin (BTC), has increased by 1.5 percent, while its closest competitor Ethereaum (ETH), has surged by 3 percent. The klaytn coin has recorded a slight increase and is now trading at $0.9360. Nevertheless, some coins like the meme coin (DOGE) and Filecoin have declined by small percentages

The analysis of Klaytn Price indicates a bullish market because of the high coin recordings in the past trading hours. A further rise is likely in the remainder of the day since resistance remains low and the RSI is in the overbought region.

Klaytn price movement in the last 24hours: Head and shoulder pattern

KLAY has been trading in a range of $0.8996 to $0.9468 on the 24-hour trading chart. While the market capitalization of the coins is $2,274,820,915.

The daily trading chart started with a bullish trend, and the price was approaching the upper band in the Bollinger bands, indicating that the market was overbought. The daily chart has been trading in a head and shoulders pattern for most of the day, indicating a bullish market trend.

Klaytn price analysis 4-Hour Chart: High selling volumes

Red candlesticks overshadow green candlesticks on the four-hour price analysis chart, indicating a bearish market. Sellers have flooded the market in order to maintain the bearish momentum.

The RSI is lying slightly above the 30 in the overbought region. There is a possibility of a price surge in the next trading hours.

Klaytn
Source: Tradingview

Klaytn price analysis: Conclusion

The RSI is in the overbought region, signaling a possibility of Klaytn’s price hike. At the time of writing, the Bollinger bands were wide, meaning that there is high volatility. The moving average convergence divergence line has crossed over the red line indicating that the market is bullish. KLAY is set for an upsurge in the next 24 hours.

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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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