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- KLAY price rejected the 50 day EMA and formed lower lows swings.
- KLAY price is near to its important support level at $0.1400 and bulls were struggling to defend the recent lows.
KLAY crypto price is trading with the mild bearish cues and likely to test the support level of $0.1400. In the previous few sessions, KLAY price is down almost 10% indicating bear dominance on higher levels. Currently, KLAY/USDT is trading at $0.1492 with the intraday loss of 2.10% and 24 hour volume to market ratio stood at 0.0319
Will the bulls be able to defend the recent lows ?
On a higher timeframe, KLAY prices look quite volatile and manipulative spikes may arrive anytime. In the end of October, KLAY hit low at $0.1201 and shot up almost 163% in just a short span of time, indicating whales are active at lower levels. Later prices were unable to sustain higher levels and lost all its previous gains. As of now prices are trading sideways in the range between $0.1400 to $0.2000 and likely to see downside expansion or an upside reversal from the lower levels.
The 200 day EMA (green) indicates a trend to remain down on a positional basis and the 50 day EMA (yellow) will act as an immediate hurdle in coming days followed by next at $0.2000. On the lower side $0.1400 will act as a savior for bulls. The MACD line had negatively crossed the signal line indicating prices may remain in bear grip and RSI at 35 sloping down indicates prices may enter oversold territories.
Should investors accumulate at lower levels ?
On a lower time frame, KLAY prices are slow and steadily slipping down while forming lower low swings and might approach the support level of $0.1400 in coming few sessions. The supertrend indicator had generated a sell signal indicating a short term trend to remain on bear grip but sellers might stay alert near the support levels due to manipulative spikes. As of now, it’s better to avoid accumulating KLAY at lower levels.
Summary
KLAY prices are in downtrend and forming lower low candles indicates prices may continue its downward movement. As per technical analysis, prices are in a bear grip and do not show any signs of reversal. So, it’s better to avoid buying KLAY at lower levels. However, aggressive sellers might look for sell on rise opportunities by keeping $0.1998 as SL
Technical levels
Resistance levels : $0.2000 and $0.3205
Support levels : $0.1400 and $0.1200
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
