• May 27, 2022

KLAY is up more than 5% today

KLAY is up more than 5% today

The cryptocurrency market has underperformed over the past 24 hours after having a positive start to the week.

The cryptocurrency market’s recovery journey has encountered a slight challenge as the market has lost almost 2% of its value in the last 24 hours.

The total market capitalization of the cryptocurrency has again fallen below the $1.3 trillion mark after this latest bearish performance.

Bitcoin is struggling to break above the resistance level of $31,000 and has lost 1.7% of its value in the last 24 hours. Ether, the second largest cryptocurrency in the world in terms of market capitalization, is down more than 2% today but maintains its value above the psychological level of $2,000.

However, KLAY, the native token of the Klaytn ecosystem is up more than 5% today. KLAY is currently the best performing among the top 50 cryptocurrencies by market capitalization. However, it has lost more than 7% of its value in the last seven days.

There is no apparent catalyst behind KLAY’s continued positive performance. KLAY has outperformed the broader cryptocurrency market and other major cryptocurrencies, including Bitcoin, Ether, XRP, Solana and Cardano.

Key levels to watch out for

The 4-hour KLAY/USDT chart is currently bullish thanks to the continued positive performance of KLAY.

The MACD line has just entered the neutral zone and could move into positive territory if the rally continues.

The 14-day relative strength index of 61 shows that KLAY may soon enter the overbought region if he can maintain his current momentum.

At the time of going to press, KLAY is trading at $0.442 per coin. If the rally continues, KLAY could break the first major resistance level at $0.511 before the end of the day. However, it would need the support of the broader crypto market to break above its second major resistance level at $0.724 in the near term.