Klaytn coin, after a strong downtrend, appears to have lost the strength of the bears. KLAY coin appears to have entered a brief consolidation period marked by decreased price volatility but swinging price movements. At the time of writing, KLAY coin stands at a price level of $0.89. The price of the cryptocurrency has increased only slightly – by 2% – in the past twenty-four hours while the daily trading volume has gone up by 60%. In the weekly timeframe, Klaytn observed a slight decrease of 2%.
Klaytn technical analysis
The market outlook for the cryptocurrency is bearish despite the slowed volatility and upward movement. Out of the total thirteen technical indicators, eight are giving out an indication of sell with four indicators standing at a neutral position and only one indication bullish. The oscillators are neutral while the moving averages are bearish.
Klaytn Coin has been operating in a descending channel formation since the beginning of July. However, the price has become relatively stable with decreased volatility. The price action of the cryptocurrency appears to be consolidating while having become relatively stable. Does this mean the onset of bullish momentum for KLAY coin? The upcoming decisive price action will prove to be crucial for the future trajectory of the coin. Various important levels of support and resistance have also been identified for KLAY coin. The immediate resistance lies at the price level of $0.92 – at the 0.786 Fibonacci Retracement level – while the support lies at $0.76.
KLAY coin price prediction
Klaytn blockchain focuses on improving the user experience of the blockchain technology in order to boost its adoption. The long-term price predictions for the cryptocurrency are bullish. According to Wallet Investor, Klaytn will be operating at a price level of $2.52 in a year’s time while the five-year forecast places the cryptocurrency at $8.80. Digital Coin Price predicts a price of $1.3 by the end of 2021 while the five-year projection is at $3.3.