Klaytn Price Prediction: Will KLAY Crypto Escalate To $0.35 Soon?

• Klaytn price prediction uncovers the details of the bearish sentiments of the KLAY token.
• KLAY price lost 33.39% in value since the last one year
• Klaytn price is trying to break a falling wedge pattern which may flip the market sentiments

Klaytn’s (KLAY) price prediction defines the struggle for the KLAY price as it tries to recover from the downfall that began in February 2023. The market climbed 154% from its swing low to the resistance of $0.3414 at the start of the year 2023. Since the bulls couldn’t sustain the price, the bears began their dominance and pulled the KLAY token price down 65% back to support. As of now, the market is trying to recover from the support.

At the time of writing, the current market price of KLAY tokens is $0.1692 The 24-hour trading volume declined 5.66%. The market is down 2.48% in the last 24 hours. The overall market cap of Klaytn is $531,732,834.

Can KLAY Reach the Target of the Falling Wedge?

Klaytn’s (KLAY) price prediction showcases the formation of a falling wedge pattern as the price makes its way down. The bearish influence forced KLAY to break multiple support levels before taking a bounce at the crucial support zone of $0.1310. The KLAY crypto price is trading 16% below the 200 EMA.

At present, the KLAY token price has escaped the falling wedge pattern while recovering 28.22% from its swing low. However, the breakout isn’t looking promising as the volume is still missing aggressive buyers. Also, the market is struggling to break the resistance of $0.17174. The price is at a crucial support and it must sustain above it.

Will Klaytn (KLAY) Break Past the Resistance?

The 4-hour chart indicates that the KLAY price is in a minor uptrend, which can be identified by the price action. The price creates a series of higher highs and higher lows as it moves up. Meanwhile, the market is crawling around the 200 EMA, which has turned flat. This indicates that the price has lost momentum and the market is getting consolidated.

Also, the diminishing volume suggests that buyers are losing interest and the market may see a reversal. The KLAY price is getting support from an ascending trendline. If the price breaks below it, the KLAY coin can experience panic selling. The price then, may fall to test its support zone. Therefore, the bulls must break the resistance to confirm the breakout of the falling wedge pattern and extend the recovery phase.

RSI: The RSI indicator is currently at 40.06. It represents bearish conditions where the price may continue to fall until RSI crosses above 50. Aggressive sell-off may happen only if RSI goes below 30

MACD: MACD made a bearish crossover and it’s moving below the 0 line. This indicates that the market may move to the downside in the short term. The price can decline until the MACD makes a bullish crossover.

200 EMA: On the 4-hour chart, the price is trading very close to the 200 Ema. This means that the market is moving sideways and it would be best to wait for the price to move away from the indicator to establish a clear trend.

Conclusion:

Klaytn’s (KLAY) price prediction defines the struggle for the KLAY price as it tries to recover from the downfall that began in February 2023. The market has been bullish since recovering from support. However, the momentum has faded as the price struggles to break the resistance. Also, the breakout of the falling wedge pattern doesn’t look promising as it misses out on momentum and volume. Hence, investors are advised to remain cautious and follow strict risk management to avoid losses.

Technical Levels

• The nearest support level: $0.1470
• The nearest resistance level: $0.1714

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.