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- 1 The MACD displays a bullish cross with a broadening histogram in both pairs.
- 2 Bulls are expected to harness more strength to break the resistance level and zoom to new heights.
Klaytn is a blockchain that is used for business or projects. Klaytn was made by a company called GroundX, which is part of a big internet company in South Korea called Kakao. The person who started Klaytn was Jaesun Han. It began its operations in June 2019.
Klaytn has a special way to make its platform decentralized, which means that no one has too much power or control over it. It has a group of partners, called the Governance Council, that helps run the platform and make decisions about it.
These partners are from different countries and industries, and they all are considered to be respected and reliable. They formed a small alliance network that makes the platform fast and efficient while keeping it open and fair.
Klaytn also has multiple approaches to make its platform scalable, and it can handle a lot of users and services without slowing down. It does this by using a hub-and-spoke model, where the hub is the main blockchain and the spokes are smaller blockchains that can be customized for different needs. To use Klaytn, you need to connect to it with a special wallet, like MetaMask.
KLAY/USD & KLAY/BTC Price Analysis 1-D Timeframe
On analyzing the chart on a daily time frame, the price of the KLAY/USD pair rose by 12.51% since the start of the year. It had a strong upward movement, but it met resistance at $0.37, which attracted more sellers. The price then moved sideways as the trading range tightened, until it broke out of it with another spike.
This massive rally on the KLAY/USD chart is likely to continue since it has built a bullish pattern known as a declining wedge in the daily time frame. Buyers are expected to develop more strength, break the resistance level, and zoom to new heights from the current level.
Moreover, the KLAY/USD might surge strongly from the current level. The next possible target could be $0.20. On the contrary, if it fails and slips, then it could decline to $0.10.
Furthermore, the price of the KLAY/BTC pair showed bear dominance by 49.89% since the start of the year on a daily time frame. It had a strong upward movement at the start, but it met resistance at $0.000015. That attracted more sellers and the price dropped. The price then moved sideways, until it broke out of it with another surge.
However, compared to KLAY/USD, the price of KLAY/BTC surged with less positive momentum. It has formed a bullish pattern known as a declining wedge in the daily time frame. If the Bulls harness more strength and break hurdles, it may surge more from the current level. Therefore, in KLAY/BTC the next target is $0.0000050, and on the flip side, the next support is $0.0000030.
In addition, the KLAY/BTC current market price is $0.00000459 with an intraday surge of 0.22% and KLAY/USD has a CMP of $0.1701 with an intraday fall of -0.67%.
What Do Technical Tools in the Chart Show?
The RSI highlights that in the latest breakout, the KLAY crypto is still in a strong uptrend and has not reached the oversold zone yet. The curve has deprived slightly to 70 for KLAY/USD and 61 for KLAY/BTC, indicating that the buyers are still in control.
The KLAY/USD pair is in a strong uptrend and above all major EMAs. However, the KLAY/BTC pair shows a price below 200-EMA but above major EMA. If the buyers’ pressure rises, the crypto might thrust upward another rally and shatter hurdles.
Moreover, the Moving average converge divergence, in KLAY/USD and KLAY/BTC shows a bullish crossover and broadening histogram. It shows the bullish strength is increasing in both pairs.
Summary
The price trends of KLAY/USD and KLAY/BTC pairs using the daily charts, RSI, EMA’s, and MACD, show that the crypto is bullish and could continue to advance higher.
Technical Levels
Support Levels: $0.10
Resistance Levels: $0.20
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
