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Klaytn Price Analysis: KLAY Coin Falls Below $2.3, May Hit $1.2 Mark Soon

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  • XRP started to fall after retracing back to its 52 weeks high of $4.38 and found a support level near $1.73
  • Currently, the coin is trading just below the 50 and 100 EMA, implying the start of a downtrend. 
  • The KLAY/BTC pair is trading close to 0.00003605 with an intraday loss of 18%
Source – tradingview

KLAYTN coin price consistently made lower lows after retracing back to the 52-week high of $4.38; currently, it is trading below 50 and 100 EMA in the daily timeframe. A double bottom pattern was expected as the price rebounded from the 52-week high level, but after a sharp fallout of the support zone near $2.4, a new support level was observed at $1.73. The live Klaytn price today is $1.8 with a 24-hour trading volume of $170,566,111. Klaytn is down 24.08% in the last 24 hours. The live market cap of the coin is $4,347,415,971.

Fallout and Bearish EMA crossover might drive down the price

Source – tradingview

KLAYTN coin had made a descending triangle pattern in the 4-hour timeframe after reversal from a 52-week high level. The coin price had a fallout of this pattern recently. A short-term pullback is expected to give a retest for the fallout due to the long tails present near $1.7. The coin price has fallen 24% in the last 24 hours. 200 EMA(white) is above all other major EMAs. The $1.73 support level has pushed the price back up with a long tail for now. The levels of $1.2 and $0.69 are the immediate support, whereas the immediate resistance zone is near $2.40.

The coin price is trading below all the crucial EMAs. The 200 EMA (white) has given a Golden Bearish Crossover with the 50 EMA (yellow). The 20 EMA(blue) is below the 100 EMA(orange) in the 4-hour timeframe indicating a downtrend.

The RSI (Bullish) indicates bullish momentum while trading at 32. However, KLAYTN, after a slope down, is now heading towards the overbought zone.

The ADX indicates a gaining momentum as it is trading at 16 while the spike in ADX is increasing, implying a positive growth of momentum. 

Conclusion: KLAYTN coin price has lately displayed a fallout of a descending triangle pattern, implying a beginning of a downtrend. A short-term pullback is anticipated to give a retest. A boost in the momentum of the downtrend might drive the price below the support level. Support from $1.73 with long tails near could push back the price, so early traders must wait for retest confirmation. 

Support- $1.73 and $1.2

Resistance- zone near $2.40

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