The breakout of SEI is impending, but will it hit the levels required for further ascent? Whisperings are going round: the crypto might be preparing for a big surge, aiming for the $0.50 summit.
SEI Leads Crypto Market
SEI’s resurgence is a comeback story par excellence. The firm shrugged off the recent market correction to break through key resistance, almost doubling back up from an almost 16% dip earlier this week.
In a mirror show of the market movement, SEI touched a support level of $0.15 last week, a level not seen since early April. This was nearly a death blow for the price, which rose over the weekend like a phoenix from the ashes to above the much-watched $0.20 level and for an almost explosive start with almost 70% surge in the market on Monday.
In those days, the token was going through this very tight price dance between the $0.24-$0.29 price range, feeling like a compressed spring. Here goes another bout of bullish spree on Friday morning with the brave attempt at breaking above $0.30 resistance.
AltCryptoGems analyst Sjuul comments on the explosive day SEI had and crowned SEI “Bull of the Week”. “Beast mode”, according to him, is attributed to the unprecedented on-chain activity that attracted a conflux of new investors and very affluent whales into the network post breakout.
Forget Bitcoin and Ethereum. This cryptocurrency is currently dominating the top 100, skyrocketing an astonishing 43% in just one week.
According to Crypto Raven, SEI is eyeing an enormous 70% surge, saying, “SEI’s breaking out at the perfect moment, the market feels so fresh.” He hinted at a return to former heights, adding, “If the market’s got SEI’s back, we could easily see it hitting $.50. Let’s bring back those glory days!”
Hence, market analysts believe that there is a brief consolidation around the current price, serving as a launch pad for the altcoin to ascend towards the targeted levels of Q4 2024.
$0.28 Reclaim Needed For Bullish Continuation
The bullish mirage seen by crypto analyst Nebraskangooner on the SEI horizon is that of a four-month inverse Head and Shoulders pattern. Breakout this week just confirmed that vision and pierced the sentiments of anticipation rippling through the market. Wednesday’s surge of price action broke through the neckline and cleared the way for some good gains to be realized. According to Nebraskangooner, should prices dip back toward the important support levels, one should seize the opportunity to ride this momentum upwards.
SEI hopes to be bullish on a razor’s edge. It has dipped to $0.27 and is back on the neckline–its last defense line. Bulls beware: SEI was flirting with $0.25 on Thursday’s close, and the coin has to hold firmly above that psychologically crucial support to avoid a bearish breakdown. It’s all on the line now for the continuation of SEI’s upward journey.
The foremost crypto analyst Michaël van de Poppe puts heavy weight onto SEI; he describes it as a “massive” bullish divergence against Bitcoin. This powerful signal denotes a reversal in direction in price, and thus, speculations about a surge to “300+ sats soon.” Could it be SEI that shoots to the moon next?
The Wyckoff Architect, with eyes fixed on SEI’s price chart, has seen a critical juncture. His short-term analysis hangs on this single level: 0.285. Retake that Fair Value Gap and life becomes interesting for the bulls. Expect a little bit of wiggle room, then prepare for the breakout.
Conversely, losing this ground unleashes the bears, paving the way for a precipitous plunge to depths unseen.
As of this writing, SEI is trading at $0.28, a 12% increase in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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