Since the start of May, Klay price has been in a downtrend, falling from the high of $0.23 level and forming a support at $0.169 level. The price tried to recover the losses but the move was halted at $0.192. Klay price again gained bearish momentum after rejection and broke the support level of $0.169 at the start of June.
Recently, klaytn price formed a support near the yearly lows at $0.148 level and initiated a bullish rally to recover from the losses. As Bitcoin and Ethereum both have gained bullish momentum, Altcoins have started to rise.
Currently, the Klay price has broken a minor resistance level of $0.169. The previous candle was able to break and close above the resistance level. The current candle is slowly turning bullish and if it can break the upper wick of the previous candle, there is high probability that price might head toward the next resistance level of $0.192. For the price to retest the annual high, it needs to break and close above $0.33.
On the other hand, If Klay price breaks the low of previous candle and enters back into the previous zone, it might retrace toward the recent support of $0.148.
Klaytn price achieved its all time high of $4.34 during the bull run of 2021. Until now, Klaytn has not observed widespread adoption, making prices drop significantly. The market capitalization of Klay is up by 3.06% to $542 Million at the time of writing. The 24-hour volume has also increased by 1.48%.
Will Klay Price Sustain Bullish Momentum?
Klay price has positively crossed the 20-day EMA indicating rising bullish momentum in the price. The 20-day EMA was acting as a resistance, which if it crosses, could act as a good sign for investors. The Chaikin money flow score is 0.06 indicating strength in the market. RSI has crossed the 50 mark and is currently trading at 54.24 indicating bullish momentum in the price.
RSI stayed below the 50 mark since the start of June. The crypto currency price has crossed the 20-day EMA of the bollinger and is headed toward the upper band of bollinger which resides at $0.18. The long/short ratio of Klaytn is 0.91 with 47.66% longs and 52.34% shorts indicating that there is still an active seller in the last 24 hours.
Conclusion
Technical parameters of Klaytn are favouring the buying side but there is still a strong presence of sellers in the market. Traders should wait for proper confirmation before looking for bids. The current candle should break the upper wick of the previous candle to continue the bullish rally.
Technical levels
Major support: $0.14 and $0.148
Major resistance: $0.19 and $0.23
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 crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/24/klaytn-price-prediction-klay-price-surges-after-reaching-0-148/