- The Klaytn token was currently at $0.1830, increasing by 1.80% during the intraday trading session.
- The 24-hour low of KLAY was $0.1794 and the 24-hour high of KLAY was $0.187
- The current Klaytn token price is below 20, 50, and 200-Day EMA.
KLAY token showed a deep correction from the recent high of $0.3600 dropped by more than 50% in the last two months. This correction gave the token the tag of the seller’s favourite token amid the past glory of the token. Earlier, it was investors’ favourite token due to its demand in the market, but recently it has evaporated. However, the bulls were trying to regain momentum and attempting to bounce.
KLAY is the native cryptocurrency that fuels and secures the Klaytn protocol. It can be used in different ways, such as transaction fees, staking for staking rewards, and collateral for secondary tokens.
The buyers were trying to register hands on the token and retaking charge of the trend. Moreover, the recent price action on charts suggests a falling wedge pattern where the price nearly writes a breakout. KLAY jumps from the lower Bollinger band, and its converging suggests a more significant move in the upcoming sessions.
KLAY token registered an all-time high (ATH) was $4.35 on 4/2/2021. Afterwards the token gradually slipped towards the downtrend.
When writing, the KLAY token is trading at $0.1824 with an intraday gain of 1.50%, showing a rise in momentum. Moreover, the pair of KLAY/BTC is at 0.0000069 BTC, and the 24-hour trading volume is at $17.24 million. Furthermore, the market cap of the KLAY token was $446.96 million.
Daily Charts of KLAY token
The KLAY token forms a falling wedge pattern on the daily charts and suggests a rise in the upcoming session. Meanwhile, the token is trying to attain momentum and 20-day EMA to regain strength above the immediate hurdle of $0.2000.
The price action is still bearish below the 50-day EMA, and if the price sustains above that, then the trend will revert.
What Technical Indicators Say?
On the 4-hour charts, the KLAY token is establishing a base near $0.1700 and trying to rise above the immediate hurdles.
The RSI is floating above the neutral marks and driving positive outlooks. Based on that, the token is headed towards the buying zone, and the token will soon attain a 20-day EMA.
The MACD indicator also began showing green bars on the histogram, forming a bullish crossover in the last trading session.
Conclusion:
KLAY token guides positivity on the short-term charts and indicates a forthcoming bounce that bulls are trying to achieve.
Technical Levels-
Resistance level- $0.2000
Support level- $0.1700
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.