KLAY Technical Analysis: May Soon Breach the Fibonacci Pivot Point of $0.93
Klaytn is an open-source blockchain protocol that is user-friendly, enterprise-grade, and service-centric. It has salient features like decentralized data & control, low latency, and distributed governance. It is a hybrid ecosystem with high scalability that brings the best of both worlds — public and private blockchains. KLAY is the prime governance token of this network. Let us look at the technical analysis for KLAY.
On Jul 15, 2021, KLAY opened at $0.92. On Jul 21, 2021, KLAY closed at $0.94. Thus, in the past week, the KLAY price has increased by roughly 2%. In the last 24 hours, KLAY has traded between $0.89-$0.97.
Day-Ahead and Tomorrow
Currently, KLAY is trading at $0.92. The price has decreased from the day’s opening price of $0.94. 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 price corrections amidst an overall negative trend.
Currently, the RSI indicator is at 62%. It faced rejection at 43% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the KLAY price.
Besides, the OBV indicator has gradually started rising. Thus, buying volumes may slowly overtake selling volumes. Hence, the price may start rising soon.
In short, all three indicators have pointed towards a price rise. However, we have to wait and watch if the price rise is an intermittent market corrective action or indicative of a bearish trend reversal.
KLAY Technical Analysis
Currently, the price is above the first Fibonacci pivot support level of $0.90. The price may soon breach the Fibonacci pivot point of $0.93. Thereafter, we have to wait and watch if the price continues to rise or starts falling again.
Currently, the price is above the 38.2% FIB retracement level of $0.92. It may soon break out of the 50% FIB retracement level of $0.93. If the price retests and falls below these levels by day close, then probably the bearish trend is strong enough to sustain till tomorrow.
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