- 1
The price of KLAY is currently trading near $0.17 with a fall of 3% in the 24-hour trading volume (press time). - 2
The KLAY price is up by 0.93% within the last 7 days.
Klaytn price prediction indicates that the KLAY price is presently moving within a narrow consolidation channel in the one-day time frame. The price is presently giving small and uncapturable movements. The narrow channel pattern is an indicator of trend continuation though unlike other patterns, the investors may prefer to wait on the sidelines until a breakout is made unless they are scalping which is doable in these market conditions.
Presently, the buyers and sellers are struggling to gain the upper hand in the market, building the trading pressure until one eventually prevails. Observing the previous price action, it can be estimated that buyers are presently attempting to find purchase in the market. The price is making a higher high and low pattern whereas the 20 EMA might give a positive interception to 50 EMA.
The oscillators are moving above the median line on the daily chart whereas the RSI line is making a higher high and low pattern. The EMAs are moving in descending order which is an indicator of the bear trend. It suggests that despite the bull’s efforts, the price may remain within the bear’s grip unless a breakout is made.
In the previous analysis, it was suggested that bulls are attempting to take the control back from the bears though it suggested that buyers practice caution as the price may take correction from immediate resistance. Both stances stand true regarding current price action. However, bulls are yet to gain full control over the price action.
Klaytn is a service-centric outlet for Kakao, It aims to facilitate a user-friendly blockchain experience to millions of users.
Klaytn Price Prediction: Technical Analysis on 1-Day Chart
There is a struggle between the bulls and bears in the market whereas the price is making a consolidation neither in demand nor in the supply zone. Though as the price is moving below crucial EMA levels, it provides the bears an edge in the price action.
The relative strength index (RSI) line is moving above the 14 SMA. The current RSI value of the KLAY token is 54.23 points. The RSI line is presently taking support from the 14 SMA levels at around 51.34 points.
The stochastic RSI line is moving above the median line where the %K and %D lines are intertwined with each other. The present value of the stochastic RSI is 61.60 points, it is presently slightly above the neutral zone.
Conclusion
According to the analysis, the investors are indecisive regarding the Klaytn token. There is a fall in trading volume which might affect the investor’s opinion. The bears presently hold an edge over bulls as most of the indicators are in their favor.
Technical Levels:
Support -$0.15
Resistance – $0.19
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.
Source: https://www.thecoinrepublic.com/2023/07/20/klaytn-price-prediction-klay-price-in-a-narrow-channel/