*** *** For this particular analysis on KLAYUSDT/SKYLP we are using the KLAYUSDT/SKYLP symbol on the OKX exchange. *** ***
The idea is on the 1D time-frame where KLAYUSDT/SKYLP is having today an enormous 1D candle, the strongest since July 29, which was a technical top (Lower High). The 1D RSI has rebounded from deep beneath the oversold barrier but the previous two times this happened in 2022 (May 12 and June 15), the price failed on key Resistance levels, which we will discuss below.
The May rebound failed below the 1D MA50 (blue trend-line) and got rejected just below the 0.382 Fibonacci retracement level. The June rebound slowly broke above the 1D MA50 but got rejected on the 1D MA100 (green trend-line), which is basically unbroken since March 29.
As a result, we can only approach this on a short-term break-to-break basis. If the price breaks above the 1D MA50, we can target the 1D MA100, and if it breaks above that too, then the 1D MA200 (orange trend-line). There is still a long way for KLAYUSDT/SKYLP to recover within this 2-year Channel Down.
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