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- KLAY price has seen a surge of more than 60% with the change in governance model.
- Technical indicators of KLAY are favoring a weak downside trend. It has seen a drop of 0.9% in the intraday session.
KLAY is a cryptocurrency created by the South Korean internet giants who operate popular banking services. KLAY is the native token of the Klaytn blockchain, a platform designed to enable fast and efficient transactions for businesses and consumers alike. The unique feature of Klaytn is its emphasis on usability and accessibility.In addition to its emphasis on usability, Klaytn is also highly scalable and fast. It can handle huge transactions, making it one of the fastest blockchain platforms currently available. Klaytn foundation, one of the key developers of Klaytn blockchain, is making changes in the network governance system. These changes will enhance the technical capabilities of the KLAYTN blockchain. The foundation will strengthen governance transparency by disclosing GC’s on voting forums and real-time statuses through Klaytn square.
KLAYTN has a market cap of $958 Million and is ranked 54th in the cryptoverse. Volume of the KLAY has seen a surge of 87% in the intraday session. Volume to the market cap ratio of KLAY suggests a consolidated trend in price.
KLAY Price Continues To Consolidate
The weekly technical chart of KLAY suggests a consolidated move near its 50 MA on weekly chart. On the daily chart it is trading near the value of $0.31 with a drop of 3% in the intraday session. The upside momentum of the asset price can see a halt near the value of $0.75.Meanwhile the support of the asset price can be observed near $0.15.There are huge spikes candle formed suggesting a halt in bullish move of KLAY. It is trading above the 50 and 100 Daily Moving Average with a positive crossover which can push the asset price to a new high.
RSI of the KLAY is currently near 72 suggesting its presence in the overbought zone. There is a downside slope in RSI which can push the asset price to a new low
Conclusion
KLAY change in governance model has pushed the asset price to a new high. It is currently consolidating but can see a reversal as per the analysts.
Technical Levels
Major Support:$0.15
Major Resistance: $0.45
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.
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.
