KEY Technical Analysis: Rising Channel Struggles To Reach $0.0050

KEY price shows a rising channel driving the market value higher but struggles to surpass $0.0050. Will the rising channel fail to give a bullish breakout? Key technical points: The KEY market value increased by 24.65% today at press time. The buyers attempt to surpass the $0.050 barrier. The 24-hour trading volume of SelfKey is $57.75 Million, indicating a hike of 628.91%. 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 li...