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- Klaytn Price down by 19% approx on a monthly basis.
- KLAY price struggles below the 50 and 200 day EMA showcase downtrend.
- Klaytn crypto price defended $0.2000 level but lacked momentum.
Klaytn Price down 19% approx on monthly basis and got a strong rejection from the supply zone. KLAY price is also trading below the 50 and 200 day EMA showcase downtrend. However, the Klaytn crypto price has defended $0.2000 level and showed a decent recovery of 15% approx indicating buyers are active at lower levels.
Klaytn price trading at $0.2227 with an intraday rise of 0.32% and 24 hour volume to market cap ratio is at 0.047. The pair of KLAY/BTC is trading at 0.00000825 with an intraday rise of 0.86% which shows minor correlation between the direction of both the pairs. At the mid of February, KLAY price witnessed a massive spike in the buying volume and prices surged 33% approx on a single day.
KLAY price also managed to climb above the 200 day EMA which further supported the upward momentum and prices hit a high of $0.3754. However, the rally halted near $0.3500 and bulls failed to give the follow up momentum.
Will the Klaytn price see a rebound ?
Klaytn price witnessed profit booking from the supply zone and prices begin to decline by forming lower low candles. At the beginning of march, the global market sentiment turned bearish which negatively impacted the KLAY price and it lost all its previous gains. Selling volume also increases and bears drag the prices below both the EMA which invites further decline.
Recently, KLAY price took support at $0.2000 and entered into the narrow range of consolidation. The technical analysis suggests the probability of rebound will increase when bulls are able to push the price above both the EMAs. Till then KLAY price is expected to consolidate in the narrow range.
KLAY price formed a short term base
KLAY price seems to be forming a short term base and if the overall market sentiment remains bullish then we might expect forward expansion of the range. The technical indicators like MACD curve sloping sideways indicates consolidation to continue for some more time. The RSI at 45 denotes prices might strike the neutral territory in the coming days.
Conclusion
Klaytn price is down by 19% on a monthly basis and corrected almost 40% approx from the recent peak at $0.3754. However, KLAY price is near to the demand zone and if overall market sentiment improves then we might see a positive recovery in the prices. The technical analysis suggests if Klaytn crypto price regains 50 and 200 day EMA then probability of rebound will substantially increase.
Technical levels
Resistance levels : $0.3200 and $0.3754
Support levels : $0.2000 and $0.1449
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.
