Klaytn (KLAY) Cracks 30% Gains As Price Breaks Downtrend, Is $0.4 Possible?
2 min read
- KLAY’s price shows strength as the price holds strong above the key support zone to avoid price retesting lower point on the daily chart.
- KLAY rejected to trend higher above $0.3 as the price faced a sharp rejection to a region of key Support of $0.2.
- The price of KLAY continues to hold strong above the 50 Exponential Moving Average (EMA) as the price aims to rally toward $0.4.
Klaytn (KLAY) has maintained its strong price trend as it approaches the $0.3 region, where it was previously rejected. With few exceptions, the crypto market has seen little volatility in recent weeks, with many altcoins and major crypto players like Bitcoin (BTC) and Ethereum (ETH) continuing to move in a range. Despite the market’s uncertainty, Klaytn (KLAY) has had a great time rallying, with the price aiming for a possible high of $0.4. (Data from Binance)
Klaytn (KLAY) Price Analysis On The Weekly Chart.
Despite the fact that many altcoins have struggled to trend in a range market, the price of KLAY has been a standout performer, as it has rallied and held strong at key support zones, demonstrating the strength of buyers who are unwilling to give up prices to sellers.
KLAY’s price has recently declined from an all-time high of more than $4 to a region of $0.13 before rallying to a high of $0.3. KLAY’s price faced resistance from $0.3 to break higher.
After the price of KLAY was rejected at $0.3, it fell to a region of $0.13, where it appeared to have formed strong Support and, most likely, a demand zone for future buy orders. KLAY rallied from $0.13 to a high of $0.2 as the price broke above to rally with greater strength to $0.3, where it met resistance and fell back to $0.2.
The overall structure of KLAY appears to be favorable, with a high probability of price retesting the $0.3 and higher ranges. If KLAY fails to hold above $0.2, we may see a retest of $0.15.
Weekly resistance for the price of KLAY – $0.3.
Weekly Support for the price of KLAY – $0.2-0.15.
Price Analysis Of KLAY On The Daily (1D) Chart
In the daily timeframe, the price of KLAY continues to hold strong and trade above the key Support formed at 50 EMA after breaking out from its descending triangle on the daily timeframe. The price of $0.19 corresponds to the 50 EMA acting as Support for KLAY price.
A break and close below this region would lead to the price of KLAY retesting a lower region of $0.15, KLAY’s price needs to hold $0.2 to trend higher.
Daily resistance for the KLAY price – $0.25-$0.3.
Daily Support for the KLAY price – $0.15.
Featured Image From CoinRepublic, Charts From Tradingview
