- Klaytn price (COINBASE: KLAY) surged 1.02% on the past day and it is currently trading at $0.174.
- Klaytn (COINBASE: KLAY) derivatives data states that a total of $0.39K OI has been created on the long side against $0.01K OI on the short side in the past 24 hours.
Klaytn is a blockchain for metaverse, games, and creators. It was launched in June 2019 and is the leading blockchain in South Korea. It is expanding globally from Singapore with the help of the Klaytn Growth Fund. The fund is run by Klaytn Foundation, a non-profit in Singapore that was set up in August 2021.
Klaytn’s price is currently trading at $0.1748 with an incline of 1.02% in the past 24 hours. According to CoinMarketCap data, KLAY cryptocurrency holds a total market cap of $549.9 Million and ranks at 76th position in the crypto market. It has received $10.71 Million in volume in the past 24 hours which is 29% more than the last day. It has over 3.1 Billion circulating supply. The volume to market cap ratio of KLAY coin is 1.95% which indicates low volatility in the market.
Klaytn Price Prediction Using Price Action Strategy
In the weekly chart of Klaytn cryptocurrency,t was observed that the past 4 months have been very volatile for the KLAY coin. The price made a surge of almost 120% in 1 month after taking support from the demand zone. Thereafter, the price slid nearly 60% from the swing high forming a falling wedge pattern.
Source: KLAY/USD By TradingView
Moving on to the daily chart, the KLAY coin was in a correction phase and declining by forming lower highs and lower lows. Also, if the upper range and lower range are connected using a trendline, a falling wedge pattern is observed. Currently, the KLAY price has taken support from the demand zone and it is trying to change its trend. However, volume analysis shows that buyers are not participating occasionally due to which price is lacking momentum.
If the KLAY coin is able to gain the interest of buyers and show a breakout of the falling wedge pattern with rising volume then it will result in a change in trend and the price may surge higher.
Indicator Analysis
As per the EMA analysis, KLAY’s price has given a breakout of 20 EMA which shows short-term positive sentiment in the market. Currently, it is trying to sustain above 50 EMA. However, KLAY’s price needs to surpass the hurdles of other EMAs to gain momentum and surge higher.
At the time of publishing, the RSI value of Klaytn is 54.29 and that of the SMA line is 51.18. RSI is headed upwards and taking support from SMA which shows short-term bullishness in the market.
MACD lines are showing a bullish crossover. Also, histogram bars are being formed above the mean line which indicates short-term bullishness in the market.
Conclusion
Klaytn’s (KLAY) coin price prediction concludes that the price seemed to be in a short-term correction phase and corrected by nearly 60% after a hike in the price by 120% within the past four months. However, the KLAY price retook support from the demand zone at $0.142 and headed upwards by forming higher highs and higher lows. Now, if the price is able to sustain above the demand zone and makes a breakout to the falling wedge pattern then the price may surge higher. However, it needs buyers’ participation with rising volume to change its previous trend.
Technical Levels
- The support levels of KLAY at $0.142 and $0.12.
- The resistance levels of KLAY at $0.19 and $0.23.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
