- SEI has gained over 4%, hovering around $0.19.
- Daily trading volume has declined by more than 16%.
The crypto market’s 1.82% spike has brought in some recovery waves amid the digital assets. Will it hold for more gains? If the bullish pressure gets strong enough, the prices could return to the recent highs. The major tokens are in the green zone, which includes BTC and ETH. Among the pack of altcoins, in the last 24 hours, SEI has registered a surge of over 4.17%.
In the morning hours, SEI traded at a bottom of $0.188, and the wave of bulls took control of it, sending the price up to $0.1962. The CoinMarketCap data has reported that at the time of writing, the asset traded at around the $0.1953 mark. The market cap is staying at $1.23 billion, with the daily trading volume dropping by over 16.07%, reaching the $89.55 million level.
Meanwhile, an analyst’s chart reveals SEI forming a falling wedge pattern on the hourly timeframe. The price may break upwards at around $0.22. The support levels are at $0.178–$0.181, while resistance levels along the wedge converge near $0.191–$0.200. A break above the upper trendline is necessary to confirm the bullish breakout.
Can SEI Bulls Take Full Control?
Both the Moving Average Convergence Divergence line and signal line are below the zero line, which indicates that SEI is in a downtrend. The MACD line has to move upward for a potential bullish shift. Moreover, the Chaikin Money Flow (CMF) indicator at 0.07 suggests mild buying pressure in the market. The money is flowing into the asset rather than out, hinting at a gradual, steady uptrend.
In addition, the daily Relative Strength Index (RSI) value found at 52.02 implies a neutral market condition. The asset is neither overbought nor oversold, and may move sideways, with no strong trend yet. The Bull-Bear Power (BBP) reading of 0.0052 points out bullish pressure in the SEI market, but it is very weak. Notably, the trend could shift either way depending on the upcoming trades.
With the bearish pressure, the SEI price might retrace to a support near the $0.1946 range. Further correction on the downside initiates the emergence of the death cross, sending the price toward $0.1939. Assuming a recovery for SEI, the price could climb to the immediate resistance level at around $0.1960. An extended bullish pressure might trigger the formation of the golden cross, pushing the price up to $0.1967.
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