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- KLAY price formed double bottom and reclaimed above the 50-day EMA
- KLAY crypto price reversing upward from the long term demand zone while forming higher high candles
Klaytn crypto price is trading under mild bearish cues; the bears are trying to keep the price inside the narrow range consolidation, but the bulls seem aggressive and might be ready for a massive breakout. However, that’s not confirmed yet. Currently, KLAY/USDT is trading at $0.1862 with an intraday loss of 1.27% and the 24-hour volume to market cap ratio at 0.0677.
Will KLAY bulls be able to dominate on higher levels ?
On a daily time frame, KLAY price is quite stable and tried to break out of a 50-day Exponential Moving Average (EMA) multiple times, but could not break the bearish trend at the higher levels. For the past two weeks, the price level is stuck in the narrow range between $0.1458 to $0.1990 and buyers are trying to break out in order to boost investor confidence.
Recently, KLAY price took support at $0.1458 and reversed upwards with positive momentum while forming higher-high candles and reclaimed the 50-day EMA which triggered a bullish sentiment. However, the price level is again getting rejected from the supply zone at $0.1990 which is proving to be a difficult hurdle. However, the probability of an upside breakout increases if the bulls will be able to hold the price above the 50-day EMA in the coming days.
On the lower side, $0.1458 and $0.1205 will act as a support level for the bulls if any short term correction is triggered from the higher levels. The Moving Average Convergence Divergence (MACD) generated positive crossover but the curve is sloping sideways indicating that the price lacks momentum and the RSI at 65 is heading down from the overbought zone.
Summary
KLAY price gained some positive momentum but the bulls are unable to break out of the higher range and formed a rejection candle from the supply zone. Technical analysis suggests that the probability of an upside breakout increases if bulls are able to hold the prices above the 50-day EMA in coming days. Therefore, aggressive traders might want to hold on to their long positions till the price is trading above the long term demand zone mentioned in the technical chart.
Technical levels
Resistance levels : $0.2400 and $0.3200
Support levels : $0.1458 and $0.1205
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
