This article will analyze the KLAY coin according to coinmarketcap data. First, we will discuss the KLAY coin and its projects and make a technical and graphic analysis. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is KLAY Coin?
KLAY coin is the native cryptocurrency of the Klaytn blockchain platform, which is a public blockchain created by Ground X, a subsidiary of South Korean internet giant Kakao. Klaytn aims to provide a more accessible and user-friendly blockchain ecosystem for developers and users. KLAY coin is used to pay transaction fees and to incentivize network participants such as validators and developers.
What are the projects of KLAY?
Some of the notable projects built on Klaytn include:
Piction Network: A decentralized content platform that connects artists, creators, and consumers.
Antube: A social video platform that rewards users with KLAY coins for creating and sharing content.
Terra: A stablecoin project that aims to create a global payment network.
Factors Influencing KLAY Price
Market demand: The price of KLAY coin is largely determined by supply and demand on cryptocurrency exchanges.
Network usage: The more active the Klaytn network is, the more demand there may be for KLAY coins, which can drive up the price.
Development progress: Positive developments in Klaytn’s story, such as new partnerships or protocol upgrades, can create positive sentiment among investors and increase demand for KLAY coins.
Regulatory environment: Changes in regulations or government policies related to cryptocurrency can affect the price of KLAY coin and other cryptocurrencies.
Competition: The emergence of new blockchain platforms or cryptocurrencies offering similar features or advantages to Klaytn could reduce demand for KLAY coins and negatively impact their price.
KLAY COIN TECHNICAL ANALYSIS
KLAY started trading in June 2021 and reached its peak value of $ 4.40 in October 2021. Then, due to the selling pressure in the market, it lost 97% of its value until October 2022 and fell to $0,1201. At the time of writing, it is sold at $ 0.2273. According to coinmarketcap data, KLAY, which has a size of $700,848,648, has had a volume of $25,742,598 in the last twenty-four hours.
KLAY Chart Analysis
After reaching the highest peak value of $ 4.40 in October 2021, KLAY fell 97% until October 2022, falling to $ 0.1201. When we examine the KLAY chart, we see that it ended the downtrend at $0.1201. KLAY, which created a slight rising trend later on, continues to rise as long as it does not break this upward trend. If KLAY, which is still far from its peak value, can continue its rise, there is a severe return potential in front of us. As our support point this week, the rising trendline level of $0.1890 can be followed. The $0.3350 level is a severe resistance if it continues to rise.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.