KLAY Price surged 66%,Change in Governance system and token model

Klaytn Foundation announced to make changes in the Governance system which will enhance technical capabilities
KLAY coin price surged 66% on the weekly basis and broke out of the 200 day EMA
KLAY crypto witness volume spike and technical indicators also turning bullish

Klaytn (KLAY) crypto price is trading with mild bearish cues and bears are trying to reject the prices from the supply zone. However, the bulls seem to be very aggressive and expected to bounce back by taking support near to the EMA’s.

Klaytn foundation announced some changes in their governance system and the token model to enhance the Klaytn’s overall technical capabilities, revenue sustainability and decentralization aspects while contributing towards making KLAY more valuable.

KLAY price reacted positively, More rally left?

Klaytn (KLAY) crypto price seems to be woken up from the sleepy mode and showing signs of the bullish trend reversal by forming higher high candles which indicates that the market has reacted positively to the recent change in the KLAY governance system and the coin price is returning back to the bullish track.

In the mid of January, The KLAY prices managed to climb above the 50 day EMA which has created a hope for the long term investors but unfortunately prices failed to give the follow up momentum and traded sideways in the narrow range. Recently, due to some developments in the token model has triggered the positive sentiment and prices shot up 66% approx in a short period of time.

Meanwhile, The KLAY prices had broken out of the 200 day EMA hurdle which shows that the positional trend has reversed in the direction of bulls and buyers are expecting outperformance in coming months. However, the recent rally took halt at $0.3503 and forming a long tail rejection candle indicates that the bears are also getting active at higher levels and trying their best to pull the prices down.

On the other hand, the technical indicators like MACD had generated a positive crossover denoting bullishness to continue in coming days whereas the RSI is reversing down from the overbought zone which might trigger minor sell off for the short term period. However, if prices retrace downward then $0.2289 will act as a savior for the bullish traders.

Summary

Klaytn (KLAY) crypto prices had shown a short covering rally of more than 66% due to recent governance changes announced by Klaytn team which has grabbed the attention of investors and they seems to be turning highly bullish. The technical analysis suggests that the rally has just started and more upward momentum is possible if bulls successfully hold the 200 day EMA in coming months.

Technical levels

Resistance levels : $0.3503 and $0.4004

Support levels : $0.2289 and $0.1464

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.