The cryptocurrency market has weakened over the last 24 hours after a positive start to the week.
The crypto market’s recovery journey has encountered a setback as prices fell by nearly 2% in the past 24 hours.
Total cryptocurrency market capitalization has slipped below $1.3 trillion again following this recent bearish move.
Bitcoin is struggling to overcome the $31k resistance level and has declined 1.7% in the last 24 hours. Ether, the world’s second-largest cryptocurrency by market capitalization, is down more than 2% today but remains above the psychological $2,000 level.
Meanwhile, KLAY, the native token of the Klaytn ecosystem, gained more than 5% today. KLAY is the top-performing coin among the 50 largest cryptocurrencies by market cap at present. However, it has fallen over 7% in the past seven days.
There is no clear catalyst behind KLAY’s sustained positive performance. KLAY has outperformed the broader crypto market and major cryptocurrencies including Bitcoin, Ether, XRP, Solana and Cardano.
Key levels to watch
The 4-hour KLAY/USDT chart is currently bullish thanks to KLAY’s continued positive momentum.
The MACD line has just entered the neutral zone and could move into positive territory if the rally continues.
The 14-period RSI at 61 indicates KLAY could soon enter overbought territory if it maintains its current momentum.
At the time of writing, KLAY is trading at $0.442 per coin. If the rally persists, KLAY could break the first major resistance level at $0.511 before the end of the day. However, it will likely need broader crypto market support to surpass the second major resistance at $0.724 in the short term.