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Klaytn price (KLAY) surged 6.32% in the past 24 hours and is currently trading at $0.122. - 2
The daily chart shows that Klaytn price experienced a breakout after accumulating at the recent swing low. - 3
The daily volume is up by 149.87% indicating the breakout is supported by a volume spike.
Klaytn crypto price is up by 6.32% intraday and might gain more by the end of the session. KLAY price has witnessed a breakout after a short-term accumulation near the recent swing low. The breakout has shifted the short-term trend in the buyers’ favor. The buyers have regained control and are committed to surging the price further till the 50-day EMA.
The price trend analysis illustrates that the crypto price has been in a declining trend since the beginning of May when the price slipped below the 50-day and 200-day EMA. Thereafter, the 50-day EMA acted as a dynamic resistance and the price continued to decline after suffering rejection from it.
KLAY crypto recovered nearly 10% in the last week, however, the price is still down by 8% in a month and over 27% in a quarter.
The volume analysis shows that the KLAY crypto has received $16.6 Million in volume in the past 24 hours which is almost 150% more than the last day’s volume. The crypto holds a market cap of $388.9 Million and ranks 81st in the overall crypto market. The volume-to-market cap ratio is 4.07% indicating a mild volatility in the crypto.
Klaytn Crypto Price May Surpass 50-Day EMA
The Klaytn price currently trades at $0.122 with an intraday gain of 6.32%. The crypto has shown a breakout after a short-term accumulation near the recent swing low indicating a short-term trend shift in the favor of buyers.
The price might show more gains and surpass the 50-day EMA in the coming sessions if it continues with the same momentum. However, it requires more buying volume to sustain the CMP and surpass the EMA.
Technical Indicators Shows Optimistic Signals for KLAY
MACD lines are showing an optimistic crossover. The histogram bars are also being formed above the mean line of increasing height, indicating that the bulls are regaining momentum.
The EMA analysis shows that the KLAY price trades below the 50-day and 200-day EMA indicating a bearish trend prevailance. Currently, the price has gained momentum and nearing a 50-day EMA indicating that the price may surpass it.
Conclusion
Klaytn crypto price rose 6.32% after breaking out of a consolidation near the recent low. The price has been in a downtrend since May and faces resistance from the 50-day EMA. The price recovered 10% in a week but is still down by 27% in a quarter. The volume is high and the market cap is $388.9 Million. The crypto ranks 81th in the market and has mild volatility. The price may surge above the EMA if it maintains the momentum and volume.
Technical Levels
- Support Levels: $23.9 and $21.6
- Resistance Levels: $26.7 and $29.04
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 or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/07/klaytn-price-klay-crypto-gains-7-outlook-for-the-next-week/