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- The KLAY price is currently trading at $228.00 with a change in 24-hour trading volume of -1.46 percent.
- The KLAY price is observing an increase of 0.70% in the last 24 hours.
The investor’s sentiments regarding the KLAY price have been trading under the bear’s influence after the price took a rejection from the $0.2600 price. After taking the rejection KLAY’s price started moving in a bearish trend and lost 16% of its overall value.
Although since breaking out of the bear trend the price made a bullish candlestick pattern suggesting that the buyers might take control back. The price is also making a higher high and higher low pattern indicating that the price is currently at the earlier stages of a trend reversal and the price might take a bullish turn.
The KLAY price is trading below the 200 EMA under the bear’s influence. However, the price action is also currently making a higher high and higher low pattern indicating that the bulls are making an attempt to take over the market trend. At the present time, the Klaytn price is moving under a consolidation above the 100 EMA, and according to historical price action, the Klayten price has followed a pattern of consolidation and breakout where after consolidating for a while the price makes a sizable move.
KLAY price trading above the 100 EMA on the (Daily Timeframe)
The faster-moving average 20/50/100 EMA’s are also making a narrow convergence which is often observed before a big price movement. The price also made a similar convergence near mid-February. Where the price after taking support from the 100 EMA made a bullish three-white soldier candlestick pattern and gained 70 percent of its value crossing above the 200 EMA with an extremely bullish candle.
The RSI line is currently consolidating according to the price action. However, after making a higher high and higher low pattern the RSI line recently made a lower low in early march. This does not bode well for the bulls as it indicates that the price can break its trend. Although as it is trending near the median line the RSI can take support from it and make a bullish move hence the buyers are suggested to wait for the trend confirmation.
Conclusion
As of now, the price is making a narrow consolidation above the 100 EMA. If the price breaks out of this consolidation with a strong bullish candle it can make a bullish gain of more than 70 percent. Although it is currently facing strong resistance from the 200 EMA hence the price will need strong buyers’ support to continue its bullish trend and cross above the critical resistance of 200 EMA.
Technical levels –
Support -$0.225
Resistance – $0.350
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.
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.
