Klaytn (KLAY) Cracks 30% Gains As Price Breaks Downtrend, Is $0.4 Possible?
October 25 2022 - 6:20PM
NEWSBTC
KLAY’s price shows strength as the price holds strong above the key
support zone to avoid price retesting lower point on the daily
chart. KLAY rejected to trend higher above $0.3 as the price faced
a sharp rejection to a region of key Support of $0.2. The
price of KLAY continues to hold strong above the 50 Exponential
Moving Average (EMA) as the price aims to rally toward $0.4. Klaytn
(KLAY) has maintained its strong price trend as it approaches the
$0.3 region, where it was previously rejected. With few exceptions,
the crypto market has seen little volatility in recent weeks, with
many altcoins and major crypto players like Bitcoin (BTC) and
Ethereum (ETH) continuing to move in a range. Despite the market’s
uncertainty, Klaytn (KLAY) has had a great time rallying, with the
price aiming for a possible high of $0.4. (Data from Binance)
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Increase Is Mediocre Klaytn (KLAY) Price Analysis On The Weekly
Chart. Despite the fact that many altcoins have struggled to trend
in a range market, the price of KLAY has been a standout performer,
as it has rallied and held strong at key support zones,
demonstrating the strength of buyers who are unwilling to give up
prices to sellers. KLAY’s price has recently declined from an
all-time high of more than $4 to a region of $0.13 before rallying
to a high of $0.3. KLAY’s price faced resistance from $0.3 to break
higher. After the price of KLAY was rejected at $0.3, it fell to a
region of $0.13, where it appeared to have formed strong Support
and, most likely, a demand zone for future buy orders. KLAY rallied
from $0.13 to a high of $0.2 as the price broke above to rally with
greater strength to $0.3, where it met resistance and fell back to
$0.2. The overall structure of KLAY appears to be favorable, with a
high probability of price retesting the $0.3 and higher ranges. If
KLAY fails to hold above $0.2, we may see a retest of $0.15. Weekly
resistance for the price of KLAY – $0.3. Weekly Support for the
price of KLAY – $0.2-0.15. Price Analysis Of KLAY On The Daily (1D)
Chart In the daily timeframe, the price of KLAY continues to hold
strong and trade above the key Support formed at 50 EMA after
breaking out from its descending triangle on the daily timeframe.
The price of $0.19 corresponds to the 50 EMA acting as Support for
KLAY price. A break and close below this region would lead to
the price of KLAY retesting a lower region of $0.15, KLAY’s price
needs to hold $0.2 to trend higher. Daily resistance for the KLAY
price – $0.25-$0.3. Daily Support for the KLAY price – $0.15.
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Transactions For 2022 – Good News For LTC? Featured Image From
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Klaytn (COIN:KLAYUSD)
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