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Klaytn is a public blockchain platform providing an accessible user experience and development environment in order to convey the value of blockchain technology. The platform combines the best features of both public blockchains (decentralized data and control, distributed governance) and private blockchains (low latency, high scalability) via an efficient 'hybrid' design.
Klaytn aims to bring blockchain technology to all types of users, from micro startups to enterprise divisions. The company’s mission is to make decentralization via blockchain available on a global scale. In addition, the project has already secured interest from numerous highly reputable brands around the world.
Let us see the technical analysis of KLAY.
Past Performance of KLAY
The KLAY token for the Klaytn blockchain has retreated in price after moving higher in early November. The price moved to the highest in two months time to $4.384 and grew by 20 percent. It fell to $1.523 soon after and has continued till today to $1.484.
Source: https://www.tradingview.com/x/Vrz3H8jv/
KLAY Technical Analysis
The token is developed by South Korean Internet giant Kakao and GroundX. The South Korean government pointed in October that income from digital asset transactions will be taxed from 1 January 2022 but NFTs would not be taxed yet, providing support to the market. However, the country’s financial services regulator indicated last week that it might impose taxes on NFTs. The KLAY/USD price has since trended lower.
The On-balance Volume is at 801 million at the medium end of the spectrum and has been increasing steadily. It has been showing a stable incremental movement.
RSI has been in the flat region of 54 percent showing the price and volume can move. It is showing an impressive recovery concerning the recent bullish reversal from the bottom support.
The MACD and trend line has been converging above the histogram briefly indicating the prices can be neutral and with a weak sentiment.
Price Trends for the Day-Ahead and Tomorrow
The price is giving STRONG BUY indicators through its oscillators and indicators. The price needs some days to get to the level of the pivot price of $2.065 and can surpass the regions of $1.7696 and $2.8419. The token has found wide usage in its home country and can surpass many uses still.