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Klaytn price analysis: Klay rejected at $1.91 all-time high resistance as correction looms

Klaytn price analysis Klay rejected at all time high resistance as correction looms

TL;DR Breakdown

  • Klaytn price analysis is bearish today.
  • The price has decreased to $1.84.
  • The nearest support is found at $1.58.

The Klaytn price analysis reveals klaytn corrects after retesting all-time high resistance of $1.91. At one point in time yesterday, the KLAY/USD went as high as $4.37, an unbelievably high position but soon reverted back to the $1.91 mark. Today the price breakup was downwards at the start of the session as bears took over the price function.

The KLAY/USD pair was in bullish mode from 29th September when the price started an upwards trend, and the price has been increasing since then, bringing significant gains for the token to the extent of taking it up again towards retesting the all-time high resistance, but the token once again could not surpass the barrier.

KLAY/USD 1-day price chart: Bears degrade the price to $1.84

The 1-day price chart for Klaytn price analysis shows, bears have decreased the price covering the downwards range from $1.91 to $1.84, as the KLAY/USD is trading at $1.842 exactly at the time of writing. Despite the down move, the KLAY/USD pair is still on gains of more than 12 percent over the last 24 hours, and the pair is on a gain of a whopping 52 percent over the course of the last seven days. The trading volume is up by 259 percent over the last 24 hours, a very astounding figure.

Klaytn price analysis: Klay rejected at $1.91 all-time high resistance as correction looms 1
KLAY/USD 1-day price chart. Source: TradingView

The volatility is high for KLAY/USD and is increasing with time; the price, despite coming down, is trading above the upper Bollinger band, which is found at $1.8. The band value being below the price level is acting as a first support level for the price. The lower band is at the $0.75 mark, being the lowest support, while the mean average at $1.27 is the middle-level support for KLAY/USD.

The relative strength index (RSI) is found at 73.8 index on a downwards slope but still in the overbought zone. The RSI entered the overbought zone on 8th October and went as high as 78.7 yesterday, and there on started the reverse journey. The indicator suggests the procreating selling activity in the market.

Klaytn price analysis: Recent developments and further technical indications

The 4-hours chart for Klaytn price analysis shows support coming in to rescue the drowning price of KLAY/USD, as can be seen as a green candlestick is emerging on the charts. But chances are for the price to slip further down, as the technical indications are suggesting.

Klaytn price analysis: Klay rejected at $1.91 all-time high resistance as correction looms 2
KLAY/USD 4-hours price chart. Source: TradingView

The volatility is high, and the Bollinger bands also show a slight upwards curve, which indicates the price to increase further in the coming days, but as the RSI has entered the neutral zone again and is moving straight ahead without showing signs of up or down movement, indicating a competition between the buyers and sellers, canceling out the gains or losses.

The moving average (MA) is moving towards the price level and is present below the price at $1.82; if the price comes further down, a bearish crossover will happen, further indicating a loss of price in the coming hours.

The Klaytn price analysis: Conclusion

The Clayton price analysis suggests KLAY/USD is correcting after retesting the all-time high resistance, which it failed to break through. The overall atmosphere is bullish for the KLAY/USD pair as most of the short, mid, and long-term technical indications are suggesting today’s correction will help provide a launching pad for further up move in the coming days, while KLAY gathers more consolidation. Despite today’s downtrend, the recent bullish trend will help the token to maintain its price in the higher price envelope above $1.5 in the coming days. For the next 24 hours, we expect the KLAY price to remain above $1.6.

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.
Aamir Sheikh

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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