Klaytn is a user-friendly, enterprise-level, and service-oriented public blockchain network. It is a decentralized ecosystem based on DLT (Distributed Ledger Technology) with high scalability and low latency. The Klaytn community includes many renowned brands spread across the world. KLAY is the governance token of this network. Below is the technical analysis for KLAY.

Past Performance

On Jun 12, 2021, KLAY opened at $1.01. On Jun 18, 2021, KLAY closed at $1.10. Thus, in the past week, the KLAY price has increased by roughly 9%. In the last 24 hours, KLAY has traded between $0.97 – $1.055.

https://xlera8.com/wp-content/uploads/2021/06/klay-technical-analysis-will-remain-low-between-1-01-and-0-99.png

Day-Ahead and Tomorrow

Currently, KLAY is trading at $1.02. The price has decreased slightly from the day’s opening price of $1.10. Thus, the market seems bearish.

The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price rise amidst an overall declining trend.

Currently, the RSI indicator is at 43%. It faced rejection at 54% and fell to the current level. Hence, selling pressures are high. Heavy offloading of crypto will push its price further down.

Besides, the OBV indicator has gradually started falling. Thus, selling volumes are slowly overtaking buying volumes. High selling activity will exert downward pressure on the KLAY price.

In a nutshell, when we look at all three oscillators together, the downtrend seems strong. However, we can expect temporary price increases as corrective action amidst a bearish trend.

KLAY Technical Analysis

Currently, the price is below the first Fibonacci pivot point of $1.04. It may soon fall below the first Fibonacci pivot support level of $1.01. If the bears remain strong till day close, then we can expect the price to fall below the subsequent support levels of $0.99 and $0.96, respectively.

The price has tested and fallen below the 38.2% FIB retracement level of $1.06. The price may soon fall below the 61.8% and 76.4% FIB retracement levels of $1 and $0.99, respectively, as well. If by day end, the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price upswing may continue tomorrow as well.