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- Klaytn price is trading above an ascending trendline on the hourly chart.
- At that point, the KLAY 200 was struggling below the simple moving averages.
- Due to the sideways movement, speculators lost their interest, the volume decreased by 12% last night.
Klaytn crypto trades close to its yearly low following the collapse of the crypto market. Traders are getting opportunities to create long positions. Undoubtedly, buyers have lost their keen interest in KLAY Coin but the short-term outlook still has a bullish trend.
At the time of writing, the price of Klaytn Coin bids at the $0.1929 mark against the USDT pair. The market capitalization of the given crypto stands at $583.5 million according to the data from CMC for the last 24 hours. Capitalization growth seems slow due to uncertainty in the market but today’s figures are much better than November.
KLAYTN on 4 Hour Chart
Although Klaytn coin has been underperforming under the wide horizontal range of $0.115 to $0.32 support to resistance. In November, bulls witnessed 26.06% decline, and crypto hit $0.1482. Later on, buyers are constantly pushing assets towards the higher side and price action makes higher-lows trend over the ascending trendline in terms of the 4 hours chart.
Despite the price recovery, speculators lost their interest due to low price fluctuation, volume was down 12% last night. Therefore, at the time, KLAY bulls struggle below the 200 simple moving average (red). Moreover, the Klaytn coin against USDT pair observes neutral at 0.00001132 satoshis.
KLAYTN on Daily Chart
KLAYTN coin turned sideways after the Bollinger Bands indicator reached the upper band. Meanwhile, if the buyers see a further retracement phase, the mid-band has reversed to the support area. However, the RSI indicator is slowly moving towards the oversold zone. In November, the RSI peak was staying sideways.
Conclusion
Due to a gradual bullish trend, Klaytn coin is about to reach the next rally level of $0.20 next week. Nearing the levels of this round, buyers are getting tired, which could be a profitable opportunity for sellers. Therefore, the bulls should apply for more rallies in order to establish the $0.20 level as an immediate support.
Technical Levels
Support level – $0.15 and $0.12
Resistance level – $0.20 and $0.32
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
