Klaytn price analysis: Klaytn eyes $1.2 support in fresh daily upswing

Polkadot price analysis

TL: DR Breakdown

  • The cryptocurrency heatmap signals a bearish market..
  • Klaytn coin opened the daily trading chart at $0.9470.
  • KLAY is down by (-11%) in the last 24 hours.

Klaytn price analysis: General price overview

Towards the closure of yesterday’s 24-hours price analysis chart, there were more red candlesticks than green ones indicating a bearish market. However, things changed in today’s chart as buyers stormed the market, forcing Klaytn’s price to surge. Sellers could not let the bulls continue dominating the market.

Therefore, supply came in large volumes and reversed the bullish momentum that sent the price to higher lows of $0.9313. The coin traded moderately for some minutes as the bulls prepared to hike.

Thirty minutes past one, the bulls had gathered more strength that facilitated its upsurge with a head and shoulder pattern recording intraday high of $0.9566. Bears could not let the uptrend continue. They came stronger, reversing the bullish momentum. The price of Klaytn recorded a sharp decline sending the price to lows of $0.9308, where it faced resistance, and the bulls took control of the market.

Buyers did not control the market for long before they were subdued by the mighty bears that caused another sharp decline to an intraday low of $0.9007. Buyers consolidated more strength and forced the price to hike to $0.9496.

The cryptocurrency heatmap signals a bearish market as almost all of it is in red. The giant virtual currency (BTC) is down by (-2%), and it is currently trading at $33,222. The second-largest digital asset (ETH) is trading at $2,027, a drop of more than (-5%). Klaytn coin is down by(-11%).

Klaytn price analysis: Klaytn eyes $1.2 support in fresh daily upswing 1
Source: Coin360

Klaytn price movement in the last 24-hours: Will bears take over? 

Klaytn coin opened the daily trading chart at $0.9470. Klaytn opened its 24-hours price analysis chart with a wide Bollinger band signaling a bulish momentum.

Generally, the 24- hour price analysis chart seems to be bearish as the red candlesticks have outnumbered the green candlesticks.

Klaytn price analysis: Klaytn eyes $1.2 support in fresh daily upswing 2
Source: Tradingview

Klaytn price analysis 4-hour chart: Bulls controls the market

The cryptocurrency four-hour chart opened while the bulls were in control of the market resulting in a price surge. In the first hour of trading, the MACD was trading below the red line. However, it crossed over it, signaling bullish momentum. At the time of writing, the MACD line had crossed below the red line signaling a bearish market.

However, the MACD line is likely to cross over the red line. In the last four hours, the coin has been trading in bullish momentum.

Klaytn price analysis 1-hour chart: Moderate volatility

In the 1-hour price analysis chart, the relative strength index at first was trending below thirty, signaling a bearish momentum. However, it crossed above the 30 and since then is trading in the range between thirty and seventy; this signals moderate volatility.

Klaytn price analysis: Klaytn eyes $1.2 support in fresh daily upswing 3
Source: Tradingview

Klaytn price analysis conclusion

At the time of writing, the coin price is trading above the 50 EMA; this shows that KLAY could be set to hike to $1 in the next 24 hours.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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