Klaytn (KLAY), the native cryptocurrency of the Klaytn blockchain network, has recently been on an impressive upward trajectory. Over the past few weeks, KLAY has surged by a staggering 62%, outperforming many of its peers in the cryptocurrency market.
This impressive performance is attributed to the growing popularity of the Klaytn blockchain network, a public blockchain for metaverse, gamefi, and the creator economy. It’s popular in South Korea and expanding globally from Singapore, supported by the Klaytn Growth Fund and managed by the Klaytn Foundation.
KLAY Soars Steadily on the Backbone of Ethereum Max Partnership
Recently, Klatyn Blockchain partnered with the U.S. metaverse concert organizer Animal Concerts (Ethereum Max). This partnership is meant to bring leading global music entertainment stars to the Metaverse. With this partnership, the value of KLAY has picked up steadily since the onset of 2023.
The U.S.-based Metaverse concert organizer Animal Concerts has partnered with South Korea’s Klaytn #blockchain network to bring leading global music entertainment stars to the #Metaverse.#EMAX #EthereumMax #cryptocurrency pic.twitter.com/fPyoeeXrr0
— EthereumMax ✪ (@ethereum_max) January 15, 2022
Klaytn blockchain platform has seen a significant increase in adoption and usage in recent months. Because of its high speed and scalability, the platform is a popular choice among developers and businesses looking to build decentralized applications (dApps) and other blockchain-based solutions.
Additionally, the platform is increasingly interested in decentralized finance (DeFi) applications. Many DeFi projects like KlayCity and Krust Universe are built on the Klaytn blockchain network. As the popularity of these applications continues to grow, so does the demand for KLAY.
“As we are the first Land #NFT-based game project built on #Klaytn network. Krust’s vast experience in incubating and investing in different blockchain projects will be a huge asset for KlayCity’s business.”https://t.co/JGqx5JLHVy pic.twitter.com/EUIMDNnERC
— OrbCity 🌎 (@OrbCity_io) December 20, 2021
KLAY Market Price Analysis
KLAY is the underlying digital asset that powers and ensures the security of the Klaytn protocol. At its launch, Klaytn had 10 billion KLAY coins created, and currently, 2.6 billion KLAY coins are in circulation. This means that a significant portion of the total KLAY supply is yet to be released into circulation.
The market price of KLAY reached an all-time high of $4.34 in March 2021. However, the price has had bearish swings, reaching $0.7 towards the end of Q4 of 2022. A further fall was exacerbated by the fall of the FTX crypto exchange, bringing the price to $0.15. The onset of 2023, however, gave the coin a new breath.
At press time, the price of Klaytn (KLAY) is trading at $0.314600, with a 24-hour trading volume of $300,291,161. This indicates a significant increase of 15.00% in its price over the past 24 hours and a notable surge of 62.00% in the last 7 days.
Klaytn has a circulating supply of 3.1 billion KLAY, which places its market capitalization at $979,021,457. These figures signify a notable rise in the value of Klaytn, which can be attributed to a surge in demand or positive developments within the Klaytn ecosystem.
KLAY/USD Technical Indicator Price Analysis
KLAY/USD Daily Chart Analysis: Source Tradingview.com
The price of KLAY has been in a consolidation phase since mid-November last year. The price has been consolidating between $0.23 high and $0.15 low. However, as other cryptocurrencies experienced the SEC whip on crypto exchanges, KLAY remained firm within the high range of consolidation.
A breakout of the consolidation phase is seen with a long engulfing candle on February 17. The coin price reached resistance at $0.33, creating a double-top pattern that indicates a reversal in the market trend.
The market price is also trading above the 200-day moving average, which is currently acting as its support. Additionally, all things look bullish on the Relative Strength Index (RSI), which is trading above the 50-level mark.
KLAY Price Prediction
Key resistance levels may be reached at $0.55 and $0.82, respectively. Based on our technical and fundamental analysis, it’s clear that the future of KLAY is positive. We predict the price of KLAY to reach $0.82 by the end of Q1 2023.
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