Klaytn Price Analysis: Will KLAY Skip Consolidation in Jan 2024?
- 1 Klaytn price prediction suggests the consolidation phase will end soon and the directional move might be visible.
- 2 KLAY price lost the bullish momentum and spent time in a narrow range.
- 3 Klaytn crypto price is trading above the 50-day EMA, which is acting as a strong support.
Klaytn price prediction says the consolidation phase is about to end and a sharp directional move may be visible. The move can be either downward or upward. It depends on who will win the battle inside the consolidation.
At the beginning of December, the KLAY price took support near $0.1850 and slowly began to recover by forming higher high candles. It rallied 48% approx from the December lows and hit a swing high at $0.2785.
After a surprising rally, short-term traders might have decided to book their profits. So the price lacked momentum and got stuck into range. In the recent rally, genuine investors might have also participated. So, they seem still active at the support and keeping the price above the 50-day EMA.
At present, Klaytn cryptocurrency is spending time in a range between $0.2196 to $0.2785.
While consolidating the buyers have tried many times to break the hurdle and expand the range. However, the attempt did not succeed and the price returned back to the zone. Currently, KLAY coin price is trading at $0.2370 with a decrease of -0.71%.
Will Klaytn Price Show Range Expansion in Jan 2024?
Source: KLAY/USDT daily chart by Tradingview
Klaytn price is forming a strong base to absorb the upcoming selling pressure. If sellers give up and lose the control of $0.2600 resistance, the buyers might slowly try to push the price upward for the range expansion.
A successful range breakout may trigger the positive sentiment in KLAY and fuel the rally. The chart pattern favors the bulls and price action also tells us that buyers look more aggressive. Therefore, the possibility of upward range expansion remains high.
KLAY Price Has Lost Momentum; What’s Next?
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The KLAY price has lost momentum but buyers are successfully defending the $0.2000 support. It clearly shows the presence of bulls near the support. Therefore, it decreases the risk of further downside.
As long as the price holds the $0.2000 level, the investors should remain bullish and play longs. However, conservative investors should wait for the breakout to build fresh longs.
Klaytn price prediction suggests the consolidation is about to end and a directional move may be visible. Bulls are more aggressive so the probability of the upward range expansion is high. Therefore, aggressive investors can take the risk and build longs.
- Resistance levels: $0.2785 and $0.3285
- Support levels: $0.2196 and $0.1857
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.