KLAY Price Analysis: Klaytn sellers spring into action to curtail the bullish momentum 

•KLAY/USD is currently priced at $0.158 and has decreased by 7.95% over the past day 

•The trading volumes have increased by 89.54% over the past day 

•The technical indicators suggest a hawkish outlook for the near term 

Short Term View: Klaytn Coin Price at the mercy for the bears

The Klaytn Coin price today is $0.158295 USD with a 24-hour trading volume of $45,810,901 USD. Klaytn is down 7.95% in the last 24 hours.The trading volumes have increased over the past day amid increased profit booking occurring at the current price levels whereas the Volume to Market Cap Ratio stands at 0.2229 for the altcoin.

A shift in sentiment has been seen in the cryptocurrency market over the past few weeks and a bearish trend has been displayed which has brought negative price action into the marketplace. Klaytn Coin Price has borne the brunt of the bears’ ire as it finds itself in a precarious position in the near time horizon. The asset is currently struggling to cope with the intense selling pressure as is depicted by Klaytn Coin price transacting below the 20,50 SMA on the four hour chart. The continuation of the downtrend would take the altcoin below the support level placed at $0.12. On the flip side, the resistance for the altcoin is placed at $0.18 in the event of a trend reversal. 

Long Term View for Klaytn Coin price

A weakness in sentiment has been the bane for Klaytn Coin price for a few weeks now as the asset struggles to reach its previous heights. The red histograms have developed on the daily MACD chart as a result of a bearish crossover occurring two days ago, whereas the MACD and signal lines also add weight to the bearish stance as they trade deep into the negative zone. Moreover, the RSI has fallen deep into the oversold region, and is currently transacting at 18.89. However, this offers a faint glimmer of hope to the bulls and they will be looking to shift the tides in the coming days.

Conclusion 

It is possible we see more downside in Klaytn from here if last week’s low fails, but the expectation at this juncture is it would be more of the same choppy, corrective type price action to continue.

Support: $0.12-$0.10

Resistance: $0.18-$0.20

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.