02 December 2023 : In this article we will walk you through Klaytn price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Klaytn, Is KLAY a good investment? Klaytn support & resistance levels etc. But before diving deep into the KLAY technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,454,305,765,788. The total trading volume stands at $48,315,563,460. Bitcoin shares 52.06 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $38,709.40 level after an upward movement of 2.04%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.18 percent reaching to $2,092.19 during the previous 24 hours.
While publishing this blog, BNB traded at $229.21, following a price change of 0.16% within the same time frame. XRP the native coin of XRP is up by 0.52 and currently trading at $0.61. Additionally, Solana reached $60.97 after seeing a uplift of 0.22% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Klaytn (KLAY)
|KLAY Resistance Levels||KLAY Support Levels|
|Resistance Level 1||$0.17||Support Level 1||$0.14|
|Resistance Level 2||$0.19||Support Level 2||$0.12|
|Resistance Level 3||$0.20||Support Level 3||$0.10|
According to PriceAnalysis Market Index, Klaytn (KLAY) is trading at $0.19 with a trading volume of $17,017,533.00. However,KLAY has seen a price increase of 1.53% in the last 24 hours.KLAY price changes -6.65% over the week with a total market capitalization of $630,457,446.00 USD.
KLAY price analysis for 02 December 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Klaytn.
|Simple Moving Average (10)||0.16||Buy|
|Exponential Moving Average (10)||0.16||Buy|
|Simple Moving Average (20)||0.17||Buy|
|Exponential Moving Average (20)||0.17||Buy|
|Simple Moving Average (50)||0.20||Sell|
|Exponential Moving Average (50)||0.20||Sell|
The Relative strength index (RSI) for KLAY Coin is currently hovering at 7 for 14-days average line, which means KLAY is in oversold zone and a trend reversal is possible. While KLAY’s Williams %R indicator is at -94.775 for the 14-day time period indicating a oversold condition and short term trend reversal is possible. Bulls can move the market in upward direction. The KLAY/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market.
From the technical analysis, the overall trend of the Klaytn is still bearish; however, the price action might shows an attempt a bullish reversal with its bullish engulfing candle pattern. Therefore, if KLAY manages to stay above $0.14, it can provide an excellent long opportunity for KLAY communnity.