chart

Seems there is adequate evidence that a channel has formed. The upper channel in the orange ellipse was marked by traders selling into the rally. Look at the ultrahigh volume on 29/3 (day before big red candle). A lot of longs got locked into their positions that day.
The very good news is that on the next rally past .45 bugger all holders swamped the buys at 45 (blue ellipse).

There is also no supply as she comes down to the lower channel so no-one is interested in selling off at these prices. With todays extremely strong volume, I think we're definitely set to take our previous highs. I also have the target of 54-56c.