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KLAY Crypto: The Bulls Are Resting on a Major Support Level

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KLAY Crypto: The Bulls Are Resting on a Major Support Level
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KLAY coin price has been rising since the end of September. The KLAY bulls have caught the attention of the current bullish crypto market.

The Klaytn network is distinguished by its flexibility and interoperability, enabling the exchange of crypto assets between different blockchain networks. Its governance system is unique because voting privileges are not allocated to users holding KLAY cryptocurrency tokens.

The network’s transaction completion speed is impressive, handling a high volume of transactions per second with decentralization while maintaining a 1-second deterministic finality that cannot be reversed. 

The network is also decentralized, making it impossible for a malicious node to compromise data integrity. Klaytn is an open-source public blockchain designed for the future, sustainable and verifiable, and based on Byzantine Fault Tolerance for enterprise-grade reliability.

Technical Analysis & Prediction of KLAY Coin Price 

KLAY Crypto: The Bulls Are Resting on a Major Support Level
KLAY/USD chart by TradingView (Daily time frame)

Over the past year, Klaytn has experienced a significant 60% price increase, with the asset presently trading above its 200-day simple moving average. The token’s liquidity is strong, supported by a substantial market cap. 

At press time, the KLAY coin price was resting on the support level of $0.2311. Therefore this will be considered as a strong support. The bullish investors will likely jump to the immediate resistance level of $$0.277. 

If this resistance is broken, then the KLAY coin could claim the 2nd resistance level of $0.332. The current sentiment surrounding the token’s price prediction is bullish considering that the immediate support level is strong. 

Klaytn holds the 42nd position based on market capitalization in the Layer 1 sector, and its performance metrics suggest a positive trajectory. The RSI has sped off from the overbought zone and is now resting in the neutral zone of 50. 

Klaytn’s circulating supply is 3.4 Billion KLAY, with an annual supply inflation rate of 8.57% creating 258.97 Million KLAY in the past year.

PivotClassicFibonacciCamarillaWoodie
S30.0800.1590.035
S20.0800.1190.1690.081
S10.1340.1430.1780.136
P0.1820.1820.1820.183
R10.2360.2210.1970.238
R20.2840.2450.2060.285
R30.3850.2840.2150.340

Conclusion

The Klaytn network provides a number of enhanced benefits for the community. The KLAY coin price has been rising since the start of October this year and it has gained more than 108% since then. Currently, the price prediction is bullish given the strength of the current support level.

Technical Levels

  • Support Levels: $0.2311 and $0.1871
  • Resistance Levels: $0.2343 and $0.277
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

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