The Klaytn price has been in a sharp upward trend in the past few weeks. The coin surged to an all-time high of $1.6023, which was about 192% above the lowest level in July. This recovery has pushed the coin’s total market capitalization to more than $3.8 billion, making it the 34th biggest cryptocurrency in the world. It is immediately below The Graph and above Crypto.com Coin.
Klaytn is a leading South Korean blockchain that was developed by Kakao. Kakao is a leading South Korean company that provides gaming, communication, entertainment, fashion, finance, investment, and transportation services. It is valued at more than $53 billion.
Klaytn is a blockchain project that the company launched in 2017. The project helps developers build decentralized applications just like Ethereum does. KLAY is the native token for the ecosystem.
The Klaytn price has rallied as part of the Bitcoin and altcoin rally. Recently, most altcoins have been on a strong bullish trend. Along the way, the total market capitalization of all coins tracked by CoinMarketCap has surged to more than $1.94 trillion.
The coin has also risen after the Klaytn Foundation launched its growth fund to ensure an efficient and sustainable growth of its ecosystem. The fund will provide financial resources to developers building on the ecosystem. The previous version of the fund has already allocated funds to about 20 teams.
The Klaytn price also rallied after the developers posted the first ecosystem map. As you can see below, the ecosystem has grown rapidly in the past few months.
Klaytn price prediction
The four-hour chart shows that the KLAY price has been in a strong bullish trend. This growth helped the coin move above the key resistance at $1.5583, which was the highest level on June 20. Along the way, the coin has formed a pattern that looks like a cup and handle.
In price action, a cup and handle is usually a sign of a bullish continuation. The coin has remained above the 25-day and 50-day moving averages.
Therefore, while the overall trend is bullish, we suspect that the coin will have a pullback in the near term as it forms a handle. It will then resume the bullish trend. If this happens, the next key resistance to watch will be at $2.