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KLAY Price Analysis: KLAY/USD Spikes to $1.98 as bulls attempt to gain support at $2.00

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TL;DR Breakdown

  • Klay price analysis is bullish for today
  • The overall cryptocurrency market is trading upwards for the last 24 hours.
  • Klay is strengthening its buyer positions as the bulls try to beat a double bottom at $1.91.

KLAY Price Analysis: General price overview

Klay price analysis is bullish for today as the market bounced back from a $1.8 retracement in the early morning hours and established a fresh sing high to $1.97 on the 4-hour chart.

We are expecting the KLAY/USD token to either consolidate a continuation to $2.250 or retrace downwards and retest $1.80 on the contrary. Retracing downwards is less likely to happen, while the chances of building a bullish momentum above $2.00 remain high.

The overall cryptocurrency market is trading upwards for the last 24 hours, with BTC, ETH and Dogecoin recording 1.54, 1.11 and 11.00 per cent respectively. Dogecoin remains the best performer, while Cardano is the worst performer after losing 2.34 percent

Klay price movement in the last 24 hours

KLAY/USD traded in a range of $1.88 – $1.98, indicating mild volatility over the last 24 hours. Trading volume has decreased by 10.6 percent and totals $138 million. Meanwhile, the total market capitalization trades around $4.74 million after a 7.34 percent increase on the daily chart, resulting in a market rank of 31st place.

Klay Price analysis on the 4-hour chart 

According to our 4-hour Klay price analysis, the coin is strengthening its buyer positions as the bulls try to beat a double bottom at $1.91. 

Klay price action has witnessed strong bullish momentum in the past 2-weeks. The coin was able to retrace towards $0.85 at the beginning of the rally, before rallying at 100 percent upwards to the $2.00 support. Furthermore, the price action managed to sustain the rally and break the swing high resistance around $1.90 once again this morning. 

Nonetheless, the coin demands one more retracement before consolidating enough strength for this week’s bullish rally. At the time of writing, KLAY/USD is trading at $1.9215. 

Klay price analysis
Source: TradingView

Klay price analysis conclusion 

Klay price analysis is bullish for the upcoming 24 hours as the bulls prepare to push the market higher after the morning swing low set our opening price at $1.860. Therefore, we can expect KLAY/USD to rally and hold support near $2.20 and attempt to set a new intraday high from there. 

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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