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Klaytn price analysis: Klay is bullish at $1.63, a further upside to follow

TL;DR Breakdown

  • Klaytn price analysis is bullish today.
  • The price has increased up to $1.63.
  • The nearest resistance is found at $1.65.

Klaytn price analysis shows a continuation of the ongoing bullish momentum. Today again, an increase in price has been observed as the price rose from $1.58 to $1.63. The bullish momentum started on 29th September, and the price has been on the rise since then, with two flash rises also observed during this period, first on 1st October and then on 5th October, resulting in gaining significant value for the coin. The KLAY/USD price is currently testing the strongest resistance level at the time of writing, the point at which KLAY got rejected at the event of the famous flash crash of 7th September.

Klaytn seems to be following the trend set by the pioneering Bitcoin, which is trading above the range of $54,000, breaking through the $55,000 mark at one time. As the leading crypto is in full bullish swing, so is Klaytn.

KLAY/USD 1-day price chart: Bulls successfully crosses the $1.62 resistance

The 1-day price chart for Klaytn price analysis shows the KLAY/USD has successfully breakthrough the resistance level of $1.62 as the price is trading at $1.63 at the time of writing. Overall KLAY/USD pair gained a value of more than seven percent over the last 24 hours, and the coin has been up by more than 35 percent over the course of the last seven days. The trading volume is up by 2.6 percent, resulting in market dominance of 0.18 percent.

KLAY/USD 1-day price chart. Source: TradingView

The volatility is increasing from 4th October, as the Bollinger bands are expanding since then, with the upper band at the $1.61 mark, and the lower band at the $0.82 mark, making an average at the $1.22 mark. As can be seen in the 1-day chart, the price is trading above the upper limit of the Bollinger bands; this further confirms the strong bullish momentum.

The relative strength index (RSI) is in the overbought limit at 71 index. The RSI was near the undersold limit at the end of September and started improving on the 30th September, with a mix of flash streaks and humble slopes, gradually rising to the upper half of the neutral zone and entered the overbought zone yesterday on 8th September; still, the slope is upwards. The indicator shows an increasing buying activity for KLAY/USD pair in the market.

Klaytn price analysis: Recent developments and further technical indications

The 4-hour price chart for Klaytn price analysis shows the price function is upwards from the start of today’s session as bulls regained control after a brief bearish stop. The price is being observed going further high at the time of writing as bulls dominate the market.

KLAY/USD 4-hours price chart. Source: TradingView

The volatility is medium, but the Bollinger bands hint at an increase in volatility in the coming hours as a little divergence can be seen appearing on the upper and lower bands. However, the price is below the upper band but is still trading near it. The RSI is at 72 index in the overbought zone and shows signs of further going up. On the 4-hours chart, the RSI has remained in the overbought zone for most of the time during the last two days. The RSI shows an intense buying in the market.

The moving average (MA) is below the price level at $1.58, with the short-term MA10 and MA20 favoring the bullish side and indicating buy signals, along with the mid-term MA30.

The Momentum and MACD oscillators also favor the buying of KLAY assets. Rounding off the technical indicators for Klaytn price analysis, overall with a majority of 13 technical indicators, signals the buying of KLAY assets, and only two stand in opposition of the buying decisions, out of a total of 26 technical indicators available.

The Klaytn price analysis: Conclusion

The Klaytn price analysis suggests the bullish momentum is strongly dominating the market, as price surges day after day. Compared to the market trend, if Bitcoin continues to break above the psychological mark of $55,000, traders can expect the Klaytn to continue the bullish streak, and the price may break above $1.7. If correction looms, the KLAY/USD is still expected to remain in the $1.5 to $1.6 price envelope for the coming days.

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.

This post was last modified on October 9, 2021 9:05 am

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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