Klay has retraced notably in the last two weeks but the trend is still in a downward range on a higher timeframe. It currently appears weak as more negative actions may surface when the bears resume pressure.
The past two weeks of trading have been a sigh of relief for the bulls as the mid-term bearish correction continues to suspend across the crypto space. Klay has retraced nicely with a substantial gain in the past hours.
This relief, which was triggered by a sudden bounce from $0.099, has brought a little positive sentiment but the buying volume currently looks low on the daily chart. Although yesterday’s trading saw the asset through its most volatile session since the start of retracement.
As we can see, the previous daily candle was characterized by a bullish engulfing, showing a significant amount of volume inflow during that period. Today, the price is stuck at $0.15 due to a rejection, showing signs of weakness.
However, there’s still room for more retracement up to $0.2 if the bears continue to take breath. We can expect another daily swing low if they mount pressure by taking advantage of the latest weakness. But looking at the trend, the bearish party will soon be over.
Klay’s Key Levels To Watch
In a further retracement move, Klay must conquer the $0.165 resistance, followed by a hidden $0.188 and $0.215 resistance levels. A clear break above June’s high should be considered as a potential trend reversal.
There’s a close pullback level at $0.135 and this week’s $0.124 support. The monthly $0.099 low is the next level to watch for a drop with a potential crack to $0.088.
Key Resistance Levels: $0.165, $0.188, $0.215
Key Support Levels: $0.124, $0.099, $0.08
- Spot Price: $0.147
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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