Klaytn is a public blockchain launched in June 2019. In order to convey the value of blockchain technology, a platform should provide an accessible user experience and development environment. Using an efficient hybrid design, the Klaytn platform combines the benefits of both public blockchains (decentralization, distributed governance) and private blockchains (low latency, scalability). Let us look at the technical analysis of KLAY.
On September 14, 2021, KLAY started trading at $1.33. As of September 20, 2021, the closing price of KLAY was $1.06. Thus, in the past week, the KLAY has been very less volatile. In the last 24 hours, KLAY has traded between $1.02-$1.86.
The Klaytn 2.0 global expansion of the coin has turned out to be positive news for Klaytn. However, Klaytn after grabbing institutional investors’ attention like Humanspace, Wemade Tree, and Piction Network saw hefty profit booking. A downtrend in Klaytn began after BTC’s 15% shakedown.
On the four-hour chart, KLAY is in a downtrend. Moreover, traders are following the Sell-On-Rise concept. After the recent BTC shakedown, the trend has been shifted, and it is currently forming the base around the support zone.
However, we can expect a breakout on the chart after some consolidation. A breakdown or a breakup will decide the future trend of the token.
Currently, the RSI is at 29.56%. After entering the oversold zone, the RSI has been constantly rising. Also, the RSI is currently near to its resistance level, therefore, after a short pullback, and we can expect KLAY to bounce back.
MACD and EMA are in the negative zone, suggesting a sell signal. We can witness a bearish crossover between the MACD and signal lines. Therefore, the price will test support levels.
On the four-hour chart, the OBV is consolidating and getting ready to continue its upward trajectory.
The KLAY price is currently trading at $1.06, which is close to its strong support level of $1.01 on the daily chart. The breakdown from this level will highlight the next support level at $0.86. Hence, traders can take a short position after this support level is broken while keeping a stop loss at $1.09.
However, on the other hand, if the price starts rising. The first resistance level the price will test is $1.17, which is a crucial one for the upcoming price trends. If the price breaks out from this resistance level, then traders can take a long position, keeping the next target of $1.29 and the stop-loss at $0.86.