Hello Traders,
- Please leave a like or comment if you agree on the following idea!
- Klaytn's native cryptocurrency KLAY turned down back on Oct 2021 forming a downtrend indicating that KLAY is trading inside a descending channel on 1D time frame chart , buyers and sellers had aggressively longed and shorted the
price inside the channel yet sellers overcame the fight having control over the buyers but trend had lost its momentum since Jan 2022 and sellers got exhausted failing to make a new lower lows. Buyers succeed to defend level of
support 1.00$-1.06$ signaling that buyers potentially would take the price higher from there.
- Based on 4H time frame chart KLAY turned down from the downtrend line on Feb.16, indicating that bears continue to sell on every rallies. As we can see that KLAY has formed on its chart a falling wedge which suggest that a bullish
bias , however this bullish bias cannot be realized until a resistance breakout occurs. If buyers failed to breakout the upper resistance line of the falling wedgewe might see a continuation pattern or consolidation where buyers will try
to defend strongly the level of support ( demand zone for buyers ) at 1.00$ - 1.06$
-Taking on Fundamentals analysis :
-Klaytn is a flexible modular network architecture created by Kakao, a publicly-traded South Korean internet giant. The Asian tech group's shares are valued at $36 billion, backed by diverse applications in traditional markets, including
games, chat, taxi and rides, financial services and a venture arm.
- Although not as well known as the leading smart contract blockchains, Klaytn remains a top-35 token by capitalization rank. Moreover, the network holds $1.2 billion worth of deposits locked on smart contracts ( TVL= TOTAL VALUE
LOCKED ) check data analysis on www.dappradar.com and www.defillama.com
- Klaytn has found a niche within the decentralized application segment. If the project's proposed features come to fruition, KLAY's token price will likely hold $1.05 as medium-term support and present a decent upside.
Good Luck Traders.
- Please leave a like or comment if you agree on the following idea!
- Klaytn's native cryptocurrency KLAY turned down back on Oct 2021 forming a downtrend indicating that KLAY is trading inside a descending channel on 1D time frame chart , buyers and sellers had aggressively longed and shorted the
price inside the channel yet sellers overcame the fight having control over the buyers but trend had lost its momentum since Jan 2022 and sellers got exhausted failing to make a new lower lows. Buyers succeed to defend level of
support 1.00$-1.06$ signaling that buyers potentially would take the price higher from there.
- Based on 4H time frame chart KLAY turned down from the downtrend line on Feb.16, indicating that bears continue to sell on every rallies. As we can see that KLAY has formed on its chart a falling wedge which suggest that a bullish
bias , however this bullish bias cannot be realized until a resistance breakout occurs. If buyers failed to breakout the upper resistance line of the falling wedgewe might see a continuation pattern or consolidation where buyers will try
to defend strongly the level of support ( demand zone for buyers ) at 1.00$ - 1.06$
-Taking on Fundamentals analysis :
-Klaytn is a flexible modular network architecture created by Kakao, a publicly-traded South Korean internet giant. The Asian tech group's shares are valued at $36 billion, backed by diverse applications in traditional markets, including
games, chat, taxi and rides, financial services and a venture arm.
- Although not as well known as the leading smart contract blockchains, Klaytn remains a top-35 token by capitalization rank. Moreover, the network holds $1.2 billion worth of deposits locked on smart contracts ( TVL= TOTAL VALUE
LOCKED ) check data analysis on www.dappradar.com and www.defillama.com
- Klaytn has found a niche within the decentralized application segment. If the project's proposed features come to fruition, KLAY's token price will likely hold $1.05 as medium-term support and present a decent upside.
Good Luck Traders.
Trade closed: target reached