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Klaytn Price Prediction 2024: KLAY Price Analysis

Last Updated 2 mins ago
Valdrin Tahiri
Last Updated 2 mins ago
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • KLAY has decreased by 15% in 2024 and has trended downward since March.
  • The price is at risk of falling to a new all0time low if the downward movement continues.
  • Our KLAY price predictions suggest the price will reach a temporary bottom soon.

The Klaytn blockchain and its native KLAY coin has had a rather tough 2023, underperforming against the market. After a pretty disastrous 2022, investors will be hoping it can turn things around on 2024. 

In January 2024, the platform was left in limbo as proposals  to merge Klaytn with the Finschia blockchain stalled.

On July 8 2024, Klaytn was worth about $0.146.

Klaytn did not immediately respond to a request for comment.

Let’s now take a look at our own price predictions for Klaytn, made on July 8, 2024. We will also examine the Klaytn price history and talk a little about what KLAY is and what it does.

Klaytn Price Prediction

It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong.

Minimum KLAY Price Prediction Average KLAY Price Prediction Maximum KLAY Price Prediction
2024 $0.28 $0.31 $0.34
2025 $0.24 $0.285 $0.33
2030 $0.19 $0.24 $0.29

There are two methods used to create our KLAY price predictions. More specifically, predictions are created using fractals (mirroring movements and indicator readings) and the wave count.

The mean of the two predictions gives the average KLAY price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.

Fractal Method

In May 2020, KLAY’s 3-day RSI moved above 50 and reached overbought territory. After creating a double top (red icons) inside overbought territory, KLAY broke down from a long-term ascending support trend line and the RSI decreased below 50.

However, the price regained its footing soon and proceeded to reach a new all-time high, before beginning a lengthy correction.

A very similar movement has transpired since September 2023. KLAY has increased alongside an ascending support trend line and the RSI reached a double top inside overbought territory. Then, the price broke down from the trend line and the RSI fell below 50.

Klaytn Wave Count Price Prediction
KLAY/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

In 2020, the first upward movement had a magnitude of 1,400% and lasted for 111 days. In 2023, the movement was lengthier and weaker, amounting to a 210% increase in only 170 days. Projecting this same ratio to the next increase leads to a high of $0.54 in February 2025. Then, a similar lengthy correction can ensue.

The fractal method gives a $0.28 and $0.33 Klaytn price prediction for the end of 2024 and 2025, respectively.

Wave Count Method

The wave count shows that KLAY has completed a five-wave downward movement since its all-time high price in March 2021. If this is the case, the ongoing upward movement is an A-B-C corrective structure. Giving waves A:C a 1:1 ratio leads to a high of $0.39, reaching the resistance trend line of an ascending parallel channel and a horizontal resistance area.

Then, the price could begin a correction similar to that of the all-time high. In this possibility, the wave count method gives Klaytn price predictions of $0.32 and $0.24 at the end of 2024 and 2025, respectively.

Klaytn Wave Count Price Prediction
KLAY/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

Finally, we use the rate of increase since launch to predict the price at the end of 2030. Klaytn has increased by 60% in the 1,560 days since its launch. Projecting this rate of increase until the end of 2030 gives a target of $0.24. Adding and removing 20% to this target gives our minimum and maximum Klaytn price predictions.

Klaytn Price Prediction for 2024

The fractal and wave count methods give similar KLAY price predictions for the end of 2024. Even though the fractal method implies the price will still be increasing by the end of 2024 while the wave count indicates it will have started its correction, the fractal method gives a lower prediction of $0.28 compared to $0.34 for the wave count.

Klaytn Price Prediction for 2025

The fractal and wave count methods both predict the KLAY price to be correcting in 2025. The methods give a target of $0.33 and $0.24, respectively.

Klaytn Price Prediction for 2030

The Klaytn price prediction for the end of 2030 uses the current rate of increase. A price between $0.19 and $0.29 is likely if the same rate of increase continues in the near future.

Klaytn Price Analysis

The daily time frame Klaytn price chart gives a mixed reading. On the bearish side, it shows that KLAY was rejected by a resistance trend line on June 3 (red icon) and has fallen since. The decline caused a breakdown from the $0.165 horizontal support area, leading to a low of$0.12 on July 5.

On the bullish side, the daily MACD has generated a bullish divergence (green) and the RSI has moved outside of its oversold territory. Also, the price trades inside a descending parallel channel, which usually contains corrective movements.

Klaytn Short-Term Price Prediction
KLAY/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

So, while a movement toward the $0.165 area is likely, whether the price breaks out or gets rejected will determine the future trend’s direction.

Short-Term Klaytn Price Prediction

The Klaytn price prediction for the next 24 hours is based on the assumption that the Klaytn price will reach the $0.165 horizontal resistance area. While the daily time frame readings are inconclusive, the short-term chart shows an A-B-C corrective structure. Giving waves A:C a 1:1 ratio leads to a high of $0.166, taking Klaytn inside the resistance area.

Klaytn 24-Hour Price Prediction
KLAY/USDT Two-Hour Chart | Credit: Valdrin Tahiri/TradingView

If the same rate of increase holds, Klaytn will reach the area in the next 24 hours, a bullish price prediction relative to the Klaytn price today.

Klaytn Fear & Greed Index

The Fear & Greed Index measures the market sentiment on a scale from 0 (Extreme Fear) to 100 (Extreme Greed). It aggregates factors such as volatility, market momentum/volume, social media activity, dominance, and trends to provide a sentiment overview.

Extreme fear can suggest investors are overly worried, potentially presenting a buying opportunity, whereas extreme greed indicates excessive bullishness, often signaling an imminent market correction. On July 8, 2024, the Fear & Greed Index measured 28, reflecting fear.

 

Last week the indicator showed a neutral reading at 53 while it showed greed at 78 last month.

Klaytn Average True Range (ATR)

The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days.

A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels.

Klaytn Average True Range
Weekly ATR | Credit: Valdrin Tahiri/TradingView

Klaytn’s weekly ATR is at 0.04, implying low volatility. It has fallen since its all-time high of 0.28 in the beginning of 2022. As a proportion of the $0.146 KLAY price, the ATR is 0.27.

Klaytn Relative Strength Index (RSI)

The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and 30 show overbought and oversold conditions, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.

Weekly RSI
Weekly RSI | Credit: Valdrin Tahiri/TradingView

Klaytn’s weekly RSI is at 40, a sign of a bearish trend.

Klaytn Price Performance Comparison

Klaytn is a blockchain that focuses on the Metaverse and gaming sectors, so let’s compare it with other similar blockchains.

Current Price One Year Ago Price Change
KLAY $0.147 $0.162 -14.4%
FLOW $0.53 $0.60 -11.8%
GALA $0.022 $0.024 -8.5%
ENJ $0.16 $0.29 -42.9

KLAY Price History

Let’s take a closer look at the Klaytn price history. While past performance isn’t necessarily indicative of future results, understanding what KLAY has done can help us contextualize future price predictions.

2020: Klaytn first came onto the open market in April 2020, when it was worth about $0.11. The coin’s price grew slightly over the course of the year.

2021: Things really started to get interesting in 2021. The crypto market boomed, and Klaytn reached an all-time high of $4.38 on April 2. The price slid down over the rest of the year, closing 2021 at $1.28.

2022: However, 2022 was a tough year for both crypto and Klaytn. The coin got caught up in a series of market collapses and did not perform well at all. It last traded above $1 in April, and a slump turned into a crash the following month when the Terra (LUNA) blockchain collapsed. Any hopes of a recovery were snuffed out in November when the FTX (FTT) exchange declared bankruptcy. KLAY closed the year at $0.1521, representing an annual loss of nearly 90%.

2023: The situation improved somewhat in 2023. Klaytn performed well early on, breaking past $0.30 in late February. After that, though, it fell. Things got worse when the United States Securities and Exchange Commission (SEC) sued the Coinbase and Binance exchanges in June. In the aftermath, Crypto.com (CRO) suspended its American institutional operations, and KLAY sank to $0.1397 on June 10.

There was something of a recovery after this, with KLAY reaching $0.1865 on July 3, but then it went back down. August 17’s news that Elon Musk’s SpaceX had sold millions of dollars worth of Bitcoin (BTC) saw the start of another significant downturn. By September 21, it was worth $0.1079.

There was something of a recovery after that. With a more buoyant market, KLAY closed the year at $0.2425, representing an annual increase of 60%. While this may have sounded impressive, it is worth noting that the crypto market more than doubled in 2023.

2024: KLAY spiked to $0.3009 on New Year’s Day but has fallen since, reaching a low of $0.14 in July.

Klaytn Price History
Klaytn Price History | Credit: CoinGecko
Time Period Klaytn Price
Today (July 8, 2024) $0.146
Last Week (July 1, 2024) $0.59
Last Month (June 7, 2024) $0.201
Three Months Ago (April 8, 2024) $0.249
Last Year (July 8, 2023) $0.162
Launch Price (October 12, 2019) $0.155
All-Time High (March 30, 2021) $4.34
All-Time Low (April 29, 2020) $0.06

Klaytn Market Cap

The market capitalization, or market cap, is the sum of the total number of KLAY in circulation multiplied by its price. On July 8, 2024, Klaytn’s market cap was $543 million, making it the #123rd largest crypto by that metric.

Klaytn Market Cap
Klaytn Market Cap | Credit: CoinGecko

Klaytn Supply and Distribution

Supply and Distribution Figures
Total Supply 5,976,523,256
Circulating Supply 3,801,619,894 – 64% of the total supply

From the Klaytn Whitepaper

In its technical documentation, or whitepaper , Klaytn says it aims to make building applications easier. It says: “​Klaytn is built to be the fundamental trust layer for the metaverse, respecting the participation and contribution from all communities, empowering and bringing them together in the new world.”

Klaytn (KLAY) Explained

The Klaytn  blockchain is designed to combine the decentralization of public blockchains with the scalability and speed of public ones. The Klaytn coin, also known by its ticker handle KLAY, supports the platform. 

How Klaytn Works

Klaytn uses a form of Proof-of-Stake (PoS) consensus mechanism. This means that people can verify transactions and add blocks to the blockchain based on how much KLAY they hold. 

The system uses three different types of computers, or nodes, to help it operate. These are consensus nodes, proxy nodes, and endpoint nodes. Core cell operators (CCOs) manage consensus nodes, which generate blocks.

KLAY pays for transactions on the network. The coin’s holders can vote on changes to the blockchain. People can also buy, sell, and trade the Klaytn coin on exchanges.  

Is Klaytn a Good Investment?

It is hard to say. KLAY has fallen quite a bit since the start of the year and has been unable to break past some market downturns. It is also hard to say what, precisely, Klaytn can offer developers that other blockchains can’t. That means it will have to do more to stand out in an increasingly competitive market.

On the other hand, Klaytn does seem to have a fairly active developer base and its links with SafePal are encouraging. 

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in KLAY.

Will Klaytn go up or down?

No one can really tell right now. While the Klaytn crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Klaytn?

Before you decide whether or not to invest in Klaytn, you will have to do your own research, not only on KLAY, but on other, related, coins and tokens such as Ethereum (ETH). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

FAQs 

How many Klaytn are there?

On July 8, 2024, there were 3.7 billion KLAY in circulation out of a total supply of 5.89 billion.

Will Klaytn reach $1?

Our price predictions sugges that the KLAY price will not reach $1 in the near future.

What is Klaytn used for?

The KLAY coin pays for transactions on the Klaytn blockchain. Holders can vote on changes to the network. People can buy, sell, and trade KLAY on exchanges.

 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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