Selfkey Price Analysis: Key token Initiates A Parabolic Rally In Its technical chart

Source : coingape.com

The KEY token was trapped in an accumulation phase for around six months, where the crucial resistance of $0.144 interrupted all the attempts for a bullish rally. However, on November 20th, the Key token gave a huge bullish engulfing candle of 105%, breaching this overhead resistance to initiate a significant rally.

Key technical points:

  • The KEY token broke out from the $0.019 resistance level
  • The intraday trading volume in the KEY token is $630.9 Million, indicating a 1710 % gain

Source- KEY/USD chart by Tradingview

Since the bloodbath of May ‘21, the KEY token never sustained above the $0.144 resistance. The token price consolidated below this resistance for around six months, preparing for its next move. Thus, on November 20th, the token provided a massive long bullish candle that indicated an intraday gain of 105% and a huge spike in volume activity.  

The sudden price spike managed to breakout not just the $0.144 resistance but also the later one of the $0.019 mark. Furthermore, the big picture shows the token could form a rounding bottom pattern in the daily time frame, holding even more trading opportunities.

The Relative Strength Index(67) indicates the token is under a strong bullish sentiment. 

KEY/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- KEY/USD chart by Tradingview

The KEY token rallied to the $0.025 resistance, after which it entered a minor correction phase. So far, the token price has plunged to the support level of $0.019, trying to identify sufficient demand pressure from this level. 

If the token price sustains above the $0.019 support, the Fibonacci extension level indicates the crypto traders can expect a good resistance level at $0.028, followed by the $0.345. However, even if the token drops this support level, these traders can maintain a bullish sentiment until the price doesn’t breach the $0.0143 mark.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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