Klaytn price analysis: is now a good time to buy KLAY?

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Klaytn KLAY/USD is a public blockchain platform that aims to provide an accessible user experience as well as a development environment with the attempt of conveying the value of blockchain technology as a whole.

It is a hybrid blockchain, in the sense that it takes the best elements of public blockchains, such as decentralized data and control as well as distributed governance as well as private blockchain features such as low latency and high scalability. This allows anyone to easily deploy their own chain or join other chains on Klaytn without any technical knowledge. It is also a home for a wide range of decentralized applications (dApps).

The company behind Klaytn, known as Ground X, was founded by Jaesun Han, who fills the role of the founder and CEO.

Recent updates bodes well for KLAY

On March 30, The Korea Economic Daily, announced that it will use Klaytn Blockchain for its digital transformation. At that time, KLAY was trading at $4.24 but lost all momentum over the coming months, despite several encouraging updates.

For example, Klaytn announced in April a partnership with ConsenSys on blockchain solutions in an attempt to advance Korea’s Digital Currency Project. They announced that their work will improve the performance of Klaytn with specific features. These include privacy that reflects the rising concern around data protection, scalability later 2 solutions that can serve a large number of users without a loss of speed and interoperability bridge multiple blockchains. 

On May 25, Klaytn launched an NFT mining service. The aim of this service is to simplify the management and creation process of NFTs by automatically creating tokens from uploaded images as well as video files.

As we can see, investors seem to have not given any credit to the recent developments as Klaytn is now trading at the $1.50 level. This might be due to the fact that it has flown under the radar, or that it hasn’t showcased the prowess of its system in real-world systems as of yet. Hopefully, through these partnerships, its scalability can come to light in the eyes of future investors.


Long-term opportunity for Klaytn

With it being used by giants such as The Korea Economic Daily, as well as its partnership with ConsenSys, and as of recently its launch of an NFT minting service, Klaytn is shaping up to be an attractive blockchain worthy of an investment at current levels.

Last year, its value sat around the $0.50 mark, and despite falling from its highs, early investors are sitting on exceptional returns. 

The fact that Klaytn traded above $4 recently signals investor demand exists under the right conditions. As Klaytn gets implemented in a lot more use-cases and the improvements with ConsenSys are in full-throttle by the end of 2021, we can expect the price to at the very least recapture the $2 level. 

As such, you should buy Klaytn at $1.50 but keep in mind the cryptocurrency space has yet to exist a turbulent period of volatility. We would recommend buying half a position at $1.50 and the other half if it falls to a potential support level of $1.

The post Klaytn price analysis: is now a good time to buy KLAY? appeared first on Invezz.

Publication date: 
06/09/2021 - 20:57
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.