Will KLAY Change the Game In 2023?

The price action of the Klaytn crypto showed that selling pressure was noted on the charts and that it was in a downtrend, forming lower lows over the past few months. Moreover, due to declining investor interest, trading volume was below average.

Furthermore, Klaytn showed a decline in user activity which also reacted as a negative sentiment for the crypto and led to bearishness in the charts.

The ongoing trend favors bears, and the crypto was also in a corrective phase, which made buyers cautious. Moreover, Klaytn is below the significant moving averages and tried to attain the 50-day EMA to hold the gains.

At the time of writing, the Klaytn price was $0.11378660 with an intraday gain of 2.49%, showing a bounce from the lower trendline near the lower support levels.

Year-to-date, it gave negative returns of 25.07%; and 50.10% in a span of 6 months. In the last 1 month, it gave a negative return of 17.77%; and 1.18% in the last seven days, indicating a long Bearish trend.

Technical Analysis of Klaytn Crypto Price in 1-D Timeframe

At the time of publishing, Klaytn crypto (USD: KLAY) was above the 50 and 200-day SMAs (simple moving averages), which do not support the price trend.

The current value of RSI is 35.82 points. The 14 SMA is below the median line at 24.87 points which indicates that the Klaytn crypto is bearish.

The MACD line at -0.00679462 and the signal line at -0.0688991 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the KLAY crypto price.

On the 4-hour charts, the Klaytn price is in a narrow range and does not signal an upcoming rise because of low volume levels. Moreover, a key indicator is still in the neutral range and does not signal bullishness.

The RSI curve is near 56, in the neutral range, and showed a narrow consolidation move on the short-term charts. The MACD shows green bars on the histogram with a bullish crossover but did not signal any substantial upswing.

Summary

Klaytn (USD: KLAY) technical oscillators support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the KLAY crypto price. Klaytn price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.

Technical Levels

Support Levels: $0.07080941.
Resistance Levels: $0.12029103.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions