Klaytn Foundation, a key developer of the Klaytn blockchain’s making modifications to the network’s sustainability and transparency
Klaytn’s price continued with the gains on the first day of the fresh trading week. The token tested an all-time high of $0.3153, however at the time of writing Klaytn’s price retrace a few points as the bulls took a breather near the higher level amid the announcement of the new governance initiative.
As of press time, KLAY/USD is exchanging hands at $0.3406, up 4.61% for the day. As per CoinMarketCap, the 24-hour trading volume climbed nearly 22% to $225,615,944. A rise in volume with a rise in the price is a bullish sign.
What’s driving the price rise?
In the recent development, the Klaytn Foundation will aid Klaytn blockchain’s transition to a complete permissionless validator structure amid the new initiative. This will permit the general public to participate as block validators. Further, a communication channel for Klaytn’s community members to participate in decision-making processes.
Investors welcomed the announcement with open arms and the price shoots up.
Price looks for correction on the 4-hour chart
Technically speaking, Klaytn’s price remains strong on the chart. However, a price correction is visible on the 4-hour chart. A fall below the session’s low of $0.3153, the price could test the 0.61% Fibonacci retracement level. The confirmation is coming from the negative divergence on the RSI momentum indicator.
If the selling persists, the next support level could be found at the 0.50% Fibonacci retracement level.
On the other hand, a reversal towards $0.3600 amid a shift in the bearish sentiment could see the recapturing of $0.3800. Additional buying participation amid the strong bullish sentiment would see a new high in the next session.