•KLAY/USD is currently priced at $1.18 and has decreased by 7.94% over the past day.
•The technical indicators suggest a bearish outlook
•The trading volumes have increased by 11.47% over the past day
Short Term View: Technical indicators lend credence to the bearish outlook
The Klaytn coin price today is $1.18 with a 24-hour trading volume of $98,994,296 Klaytn is down 7.94% in the last 24 hours.The selling volume is going up, which means that bears are upto the task of keeping the pressure up. The Volume to Market Cap Ratio, on the other hand, stands at 0.03178.
Following a massive increase that saw Klaytn reach its all time high of $4.38 during the first week of April 2021, the cryptocurrency has been on a free fall. However, it has been in a consolidation phase for the past month and is currently attempting to ward off the bears as the bearish sentiment is very much at play in the market. The coin trades below the 20 and 50 SMA on the 4 hour chart, demonstrating the weak momentum that is prevailing in the market. If Klaytn doesn’t mend its ways, it will tumble down further and find support at $1.161 which could act as a deterrent from further price slips. The resistance, on the other hand,lies at $1.20.
Long term View
Klaytn coin prices have taken a beating since they reached an all time high. The technical indicators suggest a bearish outlook for Klaytn in the short term as a bearish crossover is about to happen in the daily MACD indicator. The histograms have weakened substantially over the past days and are now about to enter the negative zone,which would be a major victory for the bears. The RSI indicator, on the other hand, stands in the neutral region at 43.93.
Conclusion
The market is currently in a downtrend and Klaytn is seen to be moving below the 20 and 50 SMA and within the channel where the price is expected to break towards the lower boundary of the channel. However, should the price cross below the channel, the market could experience more downtrends that may hit the key support level of $1.161.On the contrary, if the bulls could manage and push the market above the moving averages, the Klaytn token price may reach the resistance level.
Support:$1.161
Resistance:$ 1.20
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.