Amid a falling wedge breakout rally, Klaytn prepares a jump to $0.21 with the 23.60% Fib level breakout at $0.16446.

As the Bitcoin price trades below the $60,000 mark, the altcoin market is surprisingly gaining momentum. Amidst the top-performing altcoins, Klaytn shows a promising bullish recovery in motion. Will this breakout rally gain momentum for a smooth ride to $0.21?

Recovery Kickstarts Klaytn Breakout Run

The Klaytn daily chart shows a falling wedge pattern, accounting for a 63% drop since March 2024. However, the recent bullish reversal from the $0.1166 support level created a bullish cycle, resulting in a breakout rally.

The uptrend accounts for a 32% jump in the last 16 days with less than 5 bearish candles. Hence, with a red to green candle ratio of 5:11, the underlying sentiments are improving for Klaytn.

The bearish alignment of the crucial simple moving averages (50, 100, and 200) in the daily chart reveals the broader bearish sentiment. However, the bull run exceeds the overhead resistance trendline and the 50-day SMA to challenge the 100-day SMA.

Currently, the Klaytn price is trading at $0.1573. The bullish crossover in the DMI indicator suggests a potential reversal in underlying market sentiment.

The pullback comes after the 3.52% jump overnight reflecting a pullback for a retest run. A post-retest reversal from the broken trendline could prolong the extended uptrend in motion.

Klaytn to Launch on Kaia

Klaytn, in partnership with Pincia, is gearing up to launch the Kaia Blockchain mainnet on August 29.

Where is the Klaytn Breakout Run Headed?

Based on the Fibonacci levels, the uptrend challenges the 23.60% Fibonacci level at $0.1644. Furthermore, the breakout rally forms a rounding bottom reversal with a neckline at the 23.60% Fibonacci level. Hence, the breakout run from the $0.1644 mark will result in an explosive move.

The upcoming target levels are at the 50% Fib level at 38.20% level at $0.19 and the 50% level at $0.21. Conversely, the support levels for Klaytn are at the psychological mark of $0.11 and $0.10.