In this technical analysis we’ll talk about the price surge of KLAY. Klayton is a South-Korea based blockchain network helmed by internet giant Kakao. As per recent news, it is all set to be supported by OpenSea – the biggest marketplace for NFTs (Non-Fungible Tokens). Highly secured and speedy transactions coupled with high scalability are the prime features of this hybrid blockchain ecosystem. These recent developments have positively impacted the technical analysis of KLAY crypto. Past Performance On March 24, 2021, KLAY opened at $2.99. As of March 30, 2021, KLAY closed at $4.10. Thus, in the past week, the KLAY price has surged by approximately 37%. In the last 24 hours, KLAY has traded between $3.88 – $4.09. https://ift.tt/31vHDZX Days -Ahead and Tomorrow Currently, KLAY is trading at $3.89. The price has declined from the opening price of $4.09. Thus, the market looks bearish. The MACD and signal lines are negative. But, a bullish crossover by the MACD line over the signal line has occurred. Moreover, they are very close to the zero line and may turn positive soon. Thus, the overall market momentum is poised to turn bullish again. Hence, we can expect the price to start rising again. The OBV indicator is falling. Thus, selling volumes are higher than buying volumes. Hence, we can expect the price to go down further. Currently, the RSI is at 39%. Forty minutes back, it was in the oversold region. While selling pressures are still strong, buying pressures are gradually mounting. Thus, we can expect the price to resume its upward movement in a few hours. KLAY Technical Analysis As per technical analysis, the price has fallen below the second Fibonacci pivot support level of $3.89. It may soon fall below the third support level of $3.81 too. If by the end of the day, the price does not break out of the Fibonacci pivot point of $4.02, then probably a downtrend has set in. The price has tested and fallen below the 76.4% FIB retracement level of $3.93. If the price falls below the 138.2% FIB retracement level of $3.80 in some time and fails to break out of it by day end, then the bearish forces are strong. In that case, the bear-run will continue tomorrow as well.
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