Klaytn Price Prediction: Bears pushing KLAY to a downtrend 

• The Klaytn token was currently at $0.2417, decreasing 8.80% during the intraday trading session.
• The 24-hour low of KLAY was $0.2378 and the 24-hour high of KLAY was $0.2651.
• The current Klaytn token price is below 20, 50, and 200-Day EMA.

The pair of KLAY/BTC was trading at 0.00006987 BTC with a rise of 1.92% over the intraday trading session. Klatyn price analysis suggests that it is currently in a downtrend. Since the start of 2022, the token has been in a steep decline which indicates that the sellers took complete control of the market. The same can be seen in the daily trading chart but after May 2022 buyers came back into the market and tried to keep the token above its primary resistance at $0.227.

Then sellers again took over the market and pushed the token downwards forcing the token into making its new 52-week low. Near the end of the year, buyers pushed the token upwards but soon sellers took back the market from buyers and pushed the token below its primary support and kept it there till the end of the year.

After the start of 2023, the token again started moving upwards with the support of bulls breaking its primary support and resistances. But soon after breaking its secondary resistance sellers took back the market from buyers after the formation of the evening star chart pattern over the daily chart making the previous breakout a false breakout.

Source; KLAY/USDT by Tradingview

The volume of the coin has increased by 26.88% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of KLAY, which represents a weakness in the current bearish phase and a possible reversal.

The technical analysis of Klaytn

Source; KLAY/USDT by Tradingview

RSI is decreasing in the oversold zone and is showing signs of a negative crossover which indicates that the sellers are coming in the majority and pushing KLAY downwards. This suggests the strength of the current bearish trend. The current value of RSI is 44.15 which is below the average RSI value of 64.80

The MACD and the signal line are decreasing and showing a negative crossover over the daily chart which supports the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Conclusion

Klaytn price analysis suggests that it is currently in a downtrend. 2022 can be said not a good year for the token as it was in decline throughout the year. Sellers forced the token to make its new 52-week low near the end of the year. An increase in volume shows positive market sentiment toward the token. RSI and MACD both have shown a negative crossover over the daily chart which shows the strength of the current bearish phase, as per the technical indicators.

Technical Levels-

Resistance level- $0.2278 and $0.310

Support level- $0.1912 and $0.141

Disclaimer-

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss

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