KLAY Technical Analysis: Can Buyers Bring The $1.16 Breakout?

KLAY coin price struggles to surpass the $1.16 horizontal level, acting as the rounding bottom neckline. Can we see an upside breakout? Key technical points:

• KLAY coin price struggles to sustain above the 200-period EMA.
• The recent retracement of 1.37% forms a bearish engulfing candlestick.
• Finally, the 24-hour trading volume of Klaytn is $26 Million, marking a 3.93% fall. 

Past Performance of KLAY

KLAY coin price shows a parabolic recovery in the 4-hour chart from the psychological support at $1. The recovery surpasses most crucial bearish EMAs but struggles to sustain above the 200-period EMA. However, the price works to maintain above the $1.5 mark.  Source-Tradingview

KLAY Technical Analysis 

Thanks to the parabolic recovery from the $1 mark, the KLAY coin price shows a rounding bottom pattern. Moreover, the retracement shows lower price rejection at the rounding bottom’s curve, indicating a potential bullish reversal. Hence, the upside breakout possibility will increase with the turnaround.   The crucial bearish aligned EMAs (50, 100, and 200) project a potential reversal as the 50 and 100-period EMAs give a bullish crossover. However, the struggling prices to sustain above the 200-day EMA threatens a fallout. RSI Indicator: The RSI slope shows constant rejection from the 70% mark as the string sustains in the nearly overbought zone. However, the bearish divergence is present in the last two peaks that warned the recent retracement. MACD Indicator: The MACD and signal lines warn of a potential bearish crossover with the retracement to $1.50. However, the lines in the positive territory reflect a possible underlying solid bullishness. In concise, the KLAY technical analysis projects a potential reversal to continue the uptrend. 

Upcoming Trend 

KLAY coin price might surpass the $1.16 mark shortly, resulting in the rounding bottom breakout. The rally could reach the $1.25 psychological mark if the reversing EMAs give a golden crossover.  Support Levels: $1.12 and $1.00 Resistance Levels: $1.18 and $1.20