KEY Technical Analysis: Rising Channel Struggles To Reach $0.0050
Table of contents
Key technical points:
Past Performance of KEY
The bullish failure to sustain above the 200-day EMA and the $0.0090 level led to a 75% dip in market value resulting in the fallout of $0.0050 and taking took support at the $0.0025 mark. The bullish reversal broke from the newfound support forms a rising channel pattern in the daily chart and accounts for a 96% jump within the last three weeks. However, the recent bullish failure to break above the resistance trendline kick starts another bearish reversal.
Source- Tradingview
KEY Technical Analysis
KEY/USD price chart shows a bear cycle in the rising channel with a higher price rejection reflecting growth in selling pressure. Hence, the chances of a free fall crossing below the support trendline increase drastically. The RSI slope shows a gradual uptrend starting from the oversold territory and surpasses the 14-day SMA and the halfway line to enter the nearly overbought zone. Moreover, the lack of bearish divergence supports the possibility of uptrend continuation.
The MACD indicator shows a textbook uptrend in the fast and slow lines as they approach to zero line to cross into the positive territory. Furthermore, the varying intensity of MACD histograms sustains the uptrend reflecting a sustained buying pressure. In a nutshell, KEY technical analysis shows a much more likely possibility of an uptrend continuation crossing $0.0050.
Upcoming Trend
The $0.0050 breakout will signal a buying spot for bullish aligned traders as the breakout rally can push the KEY market value up by 20% to reach $0.0060. Moreover, buyers can expect a sustained buying pressure resulting in the $0.0060 breakout to test $0.0075 close to the 200-day EMA.
Resistance Levels: $0.0050 and $0.0060
Support Levels: $0.0035 and $0.0025