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Klayton Price Analysis: Klay bulls consolidating strength to breach $2.00 resistance

Solana Price

TL;DR Breakdown

  • Today’s Klayton price analysis is bearish 
  • KLAY/USD traded in a range of $1.8750 – $1.920

Klayton Price Analysis: General price overview

Today’s Klayton price analysis is bearish for the next 24 hours after the coin’s price action rejected further upsides earlier today and underwent another plummet to the $1.8500 support. Therefore, we are expecting KLAT/USD to continue correcting downwards later today and target the $1.60 support next.

The general cryptocurrency market performed bullishly over the last 24 hours. Market leaders Bitcoin and Ethereum lost by 0.98 and 0.81, respectively. Meanwhile, Cardano (ADA) is among the best performers, with a gain of almost 6 percent. Other gainers include Dogecoin, Solana, and Polkadot

Klayton price movement in the last 24 hours: Ethereum declined back to $1.8500 support.

KLAY/USD traded in a range of $1.8750 – $1.9200, indicating mild volatility over the last 24 hours. Trading volume has dropped by 6.35 percent and sums $132 million. Meanwhile, the total Klayton market capitalization trades around $4.2 billion, increasing by 1.65 percent on the 24-hour chart.

KLAY/USD 4-hour chart: KLAY set to break below $2,950?

On the 4-hour chart, we can see the Klayton price action advancing towards the $1.90 resistance level in an attempt to retest $2.00. Nonetheless, the bulls are struggling to remain intact at this point, and a plummet could take place anytime. 

Klayton price analysis
Source: Tradingview

Klayton’s price action witnessed a substantial rally over the last month. After retesting the previous major supports around $1.50, KLAY/USD rallied by over 100 percent to touch an all-time high at $1.93.

However, the bullish momentum slowed down last week, with only slightly higher highs set until the $1.970 resistance was reached. After a third test of the resistance on the 17th of August, Klayton finally breached lower and set a lower low towards the $1.20 mark. 

This Klayton price action development indicates a short and medium-term change in momentum. As we saw a local lower high set at the $1.800 mark yesterday, we can make the assumption that KLAY/USD will look to decline further over the next 24 hours and look to test the next support lower. 

Klayton Price Analysis: Conclusion

Klayton price analysis is bearish in the upcoming sessions after the upside was rejected at around $1.9300 yesterday; the altcoin’s market price has retraced back to the $1.850 support. Therefore, we are anticipating KLAY/USD to break lower today and look to test the $1.800.

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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