The price of Klaytn (KLAY) skyrockets – is $0.30 on the way?

The price of Klaytn (KLAY) has gained 110% since October 21 and broke a descending resistance line in the process. It is currently trading between important horizontal support and resistance levels. An upcoming breakout/down from these levels will likely determine the direction of the future trend.

KLAY price has declined since reaching a high of $0.513 on May 23. On October 21, a downward movement led to a minimum price of $0.120. Klaytn price started an uptrend shortly after and broke the line two days later.

The breakout led to a high of $0.286 on the same day and a slightly lower high of $0.270 on October 27. In both cases, KLAY price got rejected from the 0.382 Fibonacci retracement resistance level and formed a long upper wick (green icon).

Even if Klaytn price breaks the $0.270 area, there will be strong resistance at $0.316, formed by the 0.5 Fibonacci retracement resistance level and a horizontal resistance area.

Hence, the KLAY price prediction cannot be considered bullish until both these resistances are reclaimed. However, it is worth mentioning that the daily RSI has moved above 50, which is a sign of a bullish trend.

Clayton (KLAY) Price Breakout
KLAY/USDT chart by TradingView

KLAY price shows no clear pattern

The hourly chart does not show any definite pattern. While KLAY price may be following an ascending support line, there are two possible slopes (dashed and solid) that the line could take.

Currently, the vertical line is coinciding with the $0.223 horizontal support area. As a result of this confluence, if the price falls to this level it is likely to bounce back. Klaytn price broke above this level over the past 24 hours.

Conversely, a break below this zone could lead to a low of $0.178-$0.195, which is in the area of ​​the 0.5-0.618 Fibonacci retracement support level of the price.

Klaytn (KLAY) Price Slope
KLAY/USDT chart by TradingView

Where Could Klaytn’s Price Go Next?

As it stands, technical analysis suggests that the direction of the trend is still unclear. A move above $0.310 would be bullish, while a decline below $0.225 would be bearish. In the event of a bearish trend, Klaytn price could drop to $0.178-$0.195 in the future.

In a bullish scenario, the next resistance will be at $0.505, formed by a descending resistance line since the September 2021 all-time high.

Klaytn (KLAY) Price Long Term
KLAY/USDT chart by TradingView

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