KLAYTN Price Analysis: KLAY Following a Bullish Move, But Still Needs to Gather Buyers

• Following a breach over the horizontal channel, the KLAY price is once again constrained by a sideways trend on the daily price chart.
• The technical indicators appear to bend over the side of the bulls on the hourly price chart.
• The KLAY/BTC pair is at 0.00001246 which is at a loss of 1.41%.

KLAY price after registering a breakout over the sideways channel is now again trapped in a sideways trend over the daily price chart. Whereas the KLAY bulls are trying to push the coin towards a breakout but it looks like the coin is short of buyers currently. To make these efforts successful the coin needs to attract some buyers so the buying can pump the price for a breakout.

As the coin is short on buyers, one of the major reasons behind this uplift is the BTC domination. The leader cryptocurrency is followed by all the rest of the altcoins. The trading movement of the coin is very less these days which is not letting the coin grow. Well, the price is currently moving near its all-time low so it can be a good opportunity to buy some.

The current price for one KLAY coin is hovering at $0.30 with a gain of 0.73% in its market capitalization in the last 24 hrs. The coin has a trading volume of 55.7 million which is at a loss of 5.36% in the 24 hrs trading session and has a market cap of 911 million. The volume market cap ratio is 0.06145.

Short-term Analysis 

Over the short-term (4 hrs)  price chart we can observe and conclude that the coin is short of trades but following the BTC domination, it is growing.

The MACD indicator shows a fresh positive cross which shows the buyer’s line is moving above the seller’s signal line and now the histograms are growing green in support. The reactive strength index is growing continuously out of nowhere. This shows a bullish movement is ahead. The RSI value is moving above 55

Conclusion

KLAY price after registering a breakout over the sideways channel is now again trapped in a sideways trend over the daily price chart. As the coin is short on the buyers, one of the major reasons behind this uplift is the BTC domination. The price is now hovering around its record low, so now might be a good time to buy some. The short term analysis shows the scarcity of trades over the coin, but the technical indicators appear to be in favor of bulls at present.

Technical levels

Resistance levels: $0.33 and $0.38

Support levels: $0.28 and $0.23

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.