KLAY Price Analysis: KLAY/USD set to break above the $1.6 resistance

TL;DR Breakdown

• Klay price analysis is bullish today.
• The overall cryptocurrency market is bullish for the next 24 hours.
• Klay is currently trading at $1.1.

KLAY Price Analysis: General price overview

KLAY/USD picked off the five-day price analysis chart while the bulls had taken control of the market. The coin traded in a rising wedge forming several triangles. KLAY recorded a 25% gain last week. On the 5-day price analysis chart, the green bars seem to be more than the red ones. This is a good indication that the KLAY/USD market is trading in bullish momentum.

On the daily chart, the KLAY/USD has formed a triangle descending channel, which has been developing since October. If we assume that this trend continues and we see a break into the upside of the channel’s resistance at $1.6, we can see another strong run-up in prices. At this point in time (and for quite some time now), there is simply too much uncertainty across the globe for solid investment decisions like these – so proceed with caution when investing in KLAY or any other coin/asset. Don’t bet more than you are prepared to lose.

Our forecast foresees a consolidation in the price for the KLAY/USD pair, with potential support at $1.20 and resistance at $1.5. On the other hand, we expect the token to consolidate or retrace down and test $1.80 on the upswing, although retreating downwards is less likely to happen. The chances the price will break below $1.90 are low.

Our technical model is bullish for today, although an impulsive move toward the upside looks less likely to happen, given that volumes are still on the decline, signaling a lack of interest in buyers to enter at higher prices.

Source: Coin360

Klay Price analysis on the 4-hour chart 

The price of Klay has been positively volatile in the last two weeks, with strong bullish momentum. The currency was able to recoup well against $0.85 at the start of the movement, before rising by 100 percent and topping out at $2.00 support. 

Nonetheless, before consolidating sufficient strength for this week’s bullish surge, the coin will need one more retracement. KLAY/USD is currently valued at $1.143

Source: TradingView

Klay price analysis conclusion 

The Klay price prediction for the next 24 hours is bullish as the bulls gear up to propel the market higher, following our opening price of $1.129 this morning. As a result, we can anticipate KLAY/USD to rise and attempt to establish a new intraday high from there.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions

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