KLAY coin price struggles to surpass the $1.16 horizontal level, acting as the rounding bottom neckline. Can we see an upside breakout?

Key technical points:
<ul>
 	<li style="font-weight: 400">KLAY coin price struggles to sustain above the 200-period EMA.</li>
 	<li style="font-weight: 400">The recent retracement of 1.37% forms a bearish engulfing candlestick.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of Klaytn is $26 Million, marking a 3.93% fall. </li>
</ul>
<h2>Past Performance of KLAY</h2>
KLAY coin price shows a parabolic recovery in the 4-hour chart from the psychological support at $1. The recovery surpasses most crucial bearish EMAs but struggles to sustain above the 200-period EMA. However, the price works to maintain above the $1.5 mark. 

<img src="https://s3.tradingview.com/snapshots/e/Eghs2UeC.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/Eghs2UeC/">Tradingview</a>
<h2>KLAY Technical Analysis </h2>
Thanks to the parabolic recovery from the $1 mark, the KLAY coin price shows a rounding bottom pattern. Moreover, the retracement shows lower price rejection at the rounding bottom’s curve, indicating a potential bullish reversal. Hence, the upside breakout possibility will increase with the turnaround.  

The crucial bearish aligned EMAs (50, 100, and 200) project a potential reversal as the 50 and 100-period EMAs give a bullish crossover. However, the struggling prices to sustain above the 200-day EMA threatens a fallout.

RSI Indicator: The RSI slope shows constant rejection from the 70% mark as the string sustains in the nearly overbought zone. However, the bearish divergence is present in the last two peaks that warned the recent retracement.

MACD Indicator: The MACD and signal lines warn of a potential bearish crossover with the retracement to $1.50. However, the lines in the positive territory reflect a possible underlying solid bullishness.

In concise, the KLAY technical analysis projects a potential reversal to continue the uptrend. 
<h2>Upcoming Trend </h2>
KLAY coin price might surpass the $1.16 mark shortly, resulting in the rounding bottom breakout. The rally could reach the $1.25 psychological mark if the reversing EMAs give a golden crossover. 

Support Levels: $1.12 and $1.00

Resistance Levels: $1.18 and $1.20

KLAY Technical Analysis: Can Buyers Bring The $1.16 Breakout?

KLAY coin price struggles to surpass the $1.16 horizontal level, acting as the rounding bottom neckline. Can we see an upside breakout?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

KLAY Technical Analysis: Can Buyers Bring The $1.16 Breakout?

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