The cryptocurrency market is on a present move as Bitcoin gears up for a retest of the $60k resistance. Meanwhile, bullish momentum is building up on some selected Altcoins. Klaytn is a smart-contract platform developed by Kakao’s blockchain wing, Ground X. Klaytn (KLAY) is edging higher for the fourth day in a row after the plunge to lows of $2.17. KLAY/USD found new buyers above the psychological $4 level, advancing its bullish impulse towards a fresh high of $4.57 on Monday. The digital asset has since gained 21.09% in the last 24 hours and 35.34% to trade at $4.30 at the time of writing. KLAY also achieved new all-time highs of $4.08 in its USDT pairing. With a present market capitalization of $10.1 billion, Klaytn’s Klay flips Bitcoin Cash to rank 13th largest cryptocurrency. Klaytn, the blockchain project of South Korean tech giant Kakao, has partnered up with NFT marketplace OpenSea to bring a non-fungible token market to its platform. OpenSea is the largest NFT marketplace for user-owned digital goods.
*Klaytn (KLAY) is edging higher for the fourth day in a row after the plunge to lows of $2.17
*The digital asset has since gained 21.09% in the last 24 hours and 35.34% to trade at $4.30
*Kakao’s Klaytn to offer nonfungible tokens on OpenSea
Key Levels
Resistance Levels: $6.0, $5.27, $4.57
Support Levels: $3.77, $3.00, $2.61
KLAY/USD Daily ChartKLAY climbed to highs of $5.45 before suffering a price rejection. The bulls made another attempt on 19th March to push Klaytn past $5.27 which was subsequently rebuffed. KLAY resumed the uptrend as the bulls bought the dip to $2.73 on March 26. On the upside, the first test would be the recent peak of $5.27.
If violated, all eyes would turn to the yearly high at $5.45. Another upside break could push KLAY/USD to new all-time highs while bringing the psychological $6 area into play. In short, the big picture remains positive with the RSI hovering near the overbought zone. A break below $2.19 would however call this into question.
KLAY/USD 4-Hour ChartOn the 4-hour chart, the KLAY/USD pair is also trading well above all its moving averages (MA 50 and 200) reinforcing a positive outlook. A successful step above the $4.56 high could face immediate resistance from the $5.12 barrier ahead of the yearly high at $5.25. If buying interest persists, the price could hit fresh highs beyond $6.0.
Conversely, a break below the MA 50 could pull KLAY price down to the critical support at $2.70 and then $2.29 coinciding with the MA 200. If the price extends its decline below the MA 200, it could meet support at the $1.09 level. KLAY bullish view will invalidate if the price turns down and breaks below the MA 200. Such a move will suggest a possible change in sentiment.
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