The key token launches a parabolic rally in its technical table

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The KEY token has been trapped in an accumulation phase for about six months, where the crucial resistance of $ 0.144 halted all attempts at a bullish rally. However, on November 20, the Key token gave a huge engulfing 105% bullish candle, breaking through that aerial resistance to initiate a significant rally.

Key technical points:

  • KEY token broke out of the resistance level of $ 0.019
  • The KEY token’s intraday trading volume is $ 630.9 million, indicating a gain of 1710%.

Source- KEY / USD Chart by Tradingview

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

The sudden rise in price managed to break not only the resistance of $ 0.144 but also the last of the $ 0.019 mark. Moreover, the big picture shows that the token could form a rounded lower pattern in the daily period, providing even more trading opportunities.

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

KEY / USD chart within 4 hours

TradingView Chart

Source- KEY / USD Chart by Tradingview

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

If the token price holds above the $ 0.019 support, the Fibonacci extension level indicates that crypto traders can look forward to a good resistance level at $ 0.028, followed by $ 0.345. However, even if the token drops this support level, these traders can maintain a bullish sentiment until the price does not break above the $ 0.0143 mark.

Disclaimer

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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