Klaytn
Klaytn Price Analysis: KLAY Coin Consolidating Near Above Demand Zone for Upwards Momentum
- The Klay coin seems to be in the bullish territory in the daily price chart after forming a long-legged Doji candle over the weekly price chart.
- RSI indicator is moving higher in the daily price chart by taking support of the upwards trendline, indicating soft bullish momentum.
- KLAY/BTC pair price appears in neutral stage at 0.00003128 satoshis.
Since January, the KLAY coin appears to be in a consolidation phase between $1.50 (critical resistance) and $1.10 (essential support). Over the past week, Coin noticed a long-legged Doji candle which could be the reversal sign for traders, and the bears may take advantage. KLAY coin is trading just above the demand zone, which is now positive by 3.86% at the $1.20 mark. If bears succeed in closing the daily price candle above the $1.25 mark this week, we may see a bullish momentum till key $1.5 resistance.
Over the past 24-hours, trading volume decreased by 7.8% at $28.3 million. Because of the low volatility, volume bars are below the 20-day moving average. However, significant moving averages (including 20,50 and 200 MAs) are above the coin’s price over the daily price chart. The 50-day moving average stood to be a point of volatility for several months. Bears could likely acquire the positive trend if KLAY price sustains above 50–day moving average.
The KLAY/BTC pair appears weaker than the USDT pair
KLAY coin price concerning the Bitcoin pair has been following the downwards trend after indicating a shooting star candle on 21 January (in the daily price chart). KLAY/BTC pair appears to be slightly negative by 0.59% at 0.00003115 satoshis, as well as pair price is moving lower into a falling wedge pattern over the 4-hours price chart. However, the pair has resisted a 20-day moving average since 22 January. Bulls need to sustain a pair price above 20 MA for the bullish momentum. Furthermore, the volume oscillator started moving down into the negative region.
KLAY coin has immediate support at $1.10, and bulls could face a bit of selling at the $1.25 level for the short term. However, the RSI indicator favours the bulls in the daily price chart by reflecting an upwards trendline and approaching the half-line (50-level). Despite the RSI, the average directional index is at the 17 mark, showing a weak bullish momentum.
Conclusion
Near around the demand zone, bulls have an excellent shot to push KLAY coin price higher where the technical indicator of RSI favours the bulls along with ADX. If buyers sustain the coin price above $1.25 short-term resistance, we can see an upward move towards key $1.5 resistance.
Support level – $1.15 and $1.0
Resistance level – $1.5 and $2.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
