KLAY Technical Analysis: Price May Fall Below the First Support Level of $2.15


Klaytn is a user-friendly, enterprise-grade, and service-oriented public blockchain network. It is a decentralized ecosystem based on DLT (Distributed Ledger Technology) with high scalability and low latency. The Klaytn community includes many renowned brands spread across the world. KLAY is the prime governance token of this network. KLAY technical analysis is as follows:

Past Performance

On April 19, 2021, KLAY opened at $2.49. As of April 25, 2021, KLAY closed at $2.26. Thus, in the past week, the KLAY price has declined by approximately 9%. In the last 24 hours, KLAY has traded between $2.11-$2.35.

KLAY Technical Analysis

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Day-Ahead and Tomorrow

Currently, KLAY is trading at $2.31. The price has increased from the day’s opening price of $2.25. Thus, the market seems to be uptick.

The MACD and signal lines are very close to the zero line and may turn negative soon. Thus, the overall market momentum is turning bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect some price corrections amidst an overall negative price trend.

The RSI indicator is presently at 55%. It faced rejection at 42% and rose to the current level. Thus, it implies that buying pressures are increasing and the price is likely to go up further. As the MACD indicator has shown an overall bearish trend, the price rise indicated by the RSI oscillator might be temporary.

The A/D indicator is falling steadily giving further credence to the bearish momentum indicated by the MACD indicator. As whale distributions overtake the whale accumulations, the price will start declining.

KLAY Technical Analysis

As per technical analysis, the price is currently above the Fibonacci pivot point of $2.24. It may soon break out of the first resistance level of $2.33 and thereafter start declining. In a few hours, the price may fall below the first support level of $2.15.

The price has presently broken out of the 23.6% FIB retracement level of $2.29. It may retest and fall below this level in some time. By day end, if the price falls below the 76.4% FIB retracement level of $2.17, then the bears are strong and the price fall might continue tomorrow as well.

 
 



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