KLAY’s Steady Rise Attributed to Various Factors; Can FSS Hinder the Rally?

• Klaytn network based SSM to be listed on LBank Exchange on Jan 27, 2023.
• KLAY’s NFT platform growing manifolds.
• FSS’s new policies may obstruct the rise.

Klayton network-based project, Speed Services Mobility (SSM), is aimed to revolutionize the Electric Vehicle (EV) industry. The SSM token is announced to be listed on LBank Exchange on Jan 27, 2023. This shed some light on the Klaytn network and made the prices rally. 

In addition, DCinside, Korea’s Reddit with 3 million daily visitors, launched its first collection of NFT avatars on Klaytn. The collection “Gaejuki” is based on a pole-dancing dog meme from the 2000s. About 74,766 NFTs have been minted since its launch. 

According to recent reports, South Korea’s Financial Supervisory Service (FSS) is planning to develop crypto monitoring tools and regularly supervise the risk associated with the industry. Since, Klaytn is a South Korea based network, it may face some obstacles in the its functioning. The network has, in the past few months, set a strong footing and can transform this hurdle into an opportunity. 

The Pictorial

KLAY prices have formed a parallel channel, which the current price action has breached. The prices recorded a rally of nearly 4%, due to which the prices surged. The prices have tested the support zone of $0.14 several times. The volume recorded is stagnant and has gone flat. A similar image is visible in OBV, which also lays flat, marking the pressure neutral. The EMAs form a bullish crossover while all lay below the current prices of $0.20. If the current prices can sustain above the $0.21, the rally may reach about $0.25, respecting the previous swings. 

The CMF rises higher in the positive zone to mark the rocketing prices and their influence in the market. The MACD records tall buyer bars as the lines undergo a bullish divergence. The RSI rotates about the 70-range to reflect the buyers’ influence.

4 Hour POV

The 4 hour time suggests that the prices face a wobbled rise. A matching image is formed by the CMF that bounces about the baseline. Its current position shows a positive market. The MACD records a crew of buyers as the lines diverge for the bulls. The RSI moves in the second half region to mirror the buyer pull. 

Conclusion

The Klaytn market has plans to propel in the coming term, but a few unforeseen hurdles can obstruct the rally. The holder of KLAY may rely on the support range of $0.14 to invest in the token. 

Technical levels

Support levels: $0.14 and $0.12

Resistance levels: $0.25 and $0.31

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and 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.

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