- Klaytn price has been trading inside the descending parallel channel over the daily price chart.
- KLAY crypto has fallen below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of KLAY/BTC is at 0.00001036 BTC with an intraday drop of 1.25%.
The price of Klaytn has been falling along a parallel downward channel since August 15. The token is seeking to keep itself above the channel that is decreasing in order to start its recovery phase on the daily price chart. The KLAY coin is trying to hold its present level in order to start its recovery, however, it is now consolidating above the parallel channel that is sinking. KLAY bulls need to gather themselves in order to record the token’s recovery up to a respectable resistance level of $0.33. A surge in the direction of the resistance level is necessary for the price of Klaytn to avoid becoming caught in any form of negative trap. However, if the price of the token increases significantly over the daily chart, investors can expect any directional change if bulls successfully provide support to the token.
The market capitalization of Klaytn has declined by 1.80% over the previous day and is presently trading at $0.209050. However, transaction volume increased by 20.29% during the intraday trading session. This indicates how spending by customers is supporting the KLAY currency. To reverse the trend and help KLAY escape its downward spiral, the rate of buyer acquisition must be increased. The volume to market cap ratio is 0.07624.
The price of the KLAY coin must remain above the descending parallel channel in order to avoid falling into the hands of short sellers. KLAY bulls must gather themselves in order to permit the toke to move forward approaching the reasonable resistance level. For KLAY to keep its position above the parallel channel’s declining position, volume change, which is now below average, must increase.
Will KLAY Escape this Declining Momentum?
The price of the KLAY currency needs to stay above the channel to commence its recovery phase because it has been continuously falling since August. It is now appropriate for KLAY bulls to inform cryptocurrency investors of the coin’s true potential. Technical indications point to the KLAY coin’s downward trend momentum.
The KLAY coin’s momentum in the downturn is displayed by the Relative Strength Index. The RSI is at 36 and moving into oversold territory. The KLAY coin’s bearish momentum is visible on MACD. After a negative crossover, the MACD line is lower than the signal line.
Conclusion
The price of Klaytn has been falling along a parallel downward channel since August 15. The token is seeking to keep itself above the channel that is decreasing in order to start its recovery phase on the daily price chart. The KLAY coin is trying to hold its present level in order to start its recovery, however, it is now consolidating above the parallel channel that is sinking. KLAY bulls need to gather themselves in order to record the token’s recovery up to a respectable resistance level of $0.33. A surge in the direction of the resistance level is necessary for the price of Klaytn to avoid becoming caught in any form of negative trap. For KLAY to keep its position above the parallel channel’s declining position, volume change, which is now below average, must increase.
Technical indications point to the KLAY coin’s downward trend momentum. After a negative crossover, the MACD line is lower than the signal line.
Technical Levels
Support Levels: $0.20 and $0.15
Resistance Levels: $0.2212 and $0.2310
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.