KLAY, the cryptocurrency, experienced a notable surge in price, reaching a high of $0.2940 before initiating a correction. Currently, the asset has retraced to the 61.80% Fibonacci retracement zone, indicating a potential support level. As the market stabilizes, it is likely that volatility will decrease, leading to a decrease in large price movements in the near term. It is important to monitor the asset's behavior closely to determine any potential shifts in market sentiment or fundamental factors that may impact its future price movements.

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Despite bearish efforts to gain control, Klaytn (KLAY) bulls have maintained uninterrupted market domination over the previous 24 hours. During the bull’s reign, prices ranged between an intra-day high and low of $0.2859 (30-day new high) and $0.2276.

In the past hour, the price of KLAY was $0.2629, a 15.22% gain from the previous day’s closing price, showing strong positive momentum and the possibility for higher price increases in the immediate term.

Bulls pushed the price to a 30-day high, and traders responded by buying into the subsequent bounce. The market capitalization and 24-hour trading volume increased by 15.28% and 840.89%, respectively, to $809,822,404 and $258,899,845. According to CoinMarketcap, KLAY has been the top gainer for several hours.

KLAY/USD 24-hour price chart (source: CoinMarketCap)

The Bollinger Bands are expanding on the 4-hour price chart as the upper band hits 0.26668157 and the lower bar touches 0.19382414. This move represents increasing volatility in the KLAY market, and traders should take care and actively watch price changes before making any trading choices.

As the price action reaches the upper band, the growing green candlesticks imply the possibility of a short-term market correction or reversal, and traders may consider taking gains or executing stop-loss orders to mitigate their risk.

With a Bull Bear Power (BBP) score of 0.04296755, the KLAY market is mildly bullish, suggesting the possibility of a short-term price correction or reversal. On the other hand, the BBP heading southwards should be observed since it indicates that purchasing pressure is reducing and may result in a change toward a negative attitude soon, requiring traders to be watchful and modify their tactics appropriately.

KLAY/USD chart (source: TradingView)

The Know Sure Thing (KST) reading of 59.4863 indicates that bullish momentum in the KLAY market is gathering traction, and the price is expected to climb shortly. This rise contributes to the optimism that the resistance level of $0.2859 will be broken in the near future, allowing for additional increases in the KLAY market.

Since the Chaikin Money Flow on the KLAY price chart is 0.12, the bullishness in KLAY is bolstered further by the influx of money into the market, showing that investors are buying KLAY at present levels and adding to the price pressure.

However, since the CMF is pointing south, traders should be on the lookout for any reversal signs and alter their trading techniques appropriately to reduce risk.

KLAY/USD chart (source: TradingView)

In conclusion, KLAY’s bullish momentum is rising with increasing volatility, making it a high-risk, high-reward opportunity for traders.

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