Klaytn (KLAY) Cracks 30% Gains As Price Breaks Downtrend, Is $0.4 Possible?

  • 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 refused to move higher than $0.3, as it was rejected by a key support region of $0.2. 
  • While KLAY’s price remains strong over the 50 Exponent Moving Average (EMA), it is expected that the price will rise to $0.4.

Klaytn has continued to maintain its strong price trend, even though it is now in the $0.3 range. This was where it had been rejected. The volatility of the crypto market is very low, and there have been few exceptions. Many altcoins as well as major players, such Bitcoin (BTC), and Ethereum (ETH), continue to fluctuate 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

Although many altcoins struggle to trend in range markets, KLAY’s price has performed well. It has rallied at key support points and has held firm, showing the strength of buyers that are not willing to sell.

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.

KLAY fell from $0.3 to $0.13 after it was rejected. It then traded in the $0.13 region, which appeared to be a strong support zone and a demand area for future orders. KLAY rose from $0.13 up to $0.2 at the high, where it gained more strength and then fell to $0.3.

KLAY’s overall structure is favorable with high chances of the price retesting $0.3 or higher. We may witness a $0.15 retest if KLAY falls below $0.2.

Weekly resistance for the price of KLAY – $0.3.

Weekly Support for the price of KLAY – $0.2-0.15.

Prices Analysis of KLAY on the Daily (1D), Chart

Daily KLAY price chart | Source: KLAYUSDT On Tradingview.com

After breaking through its descending triangle, KLAY’s daily price continues to trade higher than the 50 EMA key Support. KLAY’s Support price at 50 EMA is $0.19. 

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 by Tradingview 

Get more Crypto News at CFX Magazine