Some altcoins have seen a major recovery today, including Sei which is now showing signs of bullish on the daily scale. It faces obstacles, but a flip above $3 should set a new bullish tone in the market.
Following a lower low and lower high pattern in the past months, Sei found support after testing $0.18 earlier this month and the price bounced back. This bounce led to a break above a descending trendline, which has been serving as dynamic resistance for two months.
The $0.29 level suppressed buying after multiple rejections and the price dropped to retest the broken trendline as support. It bounced back and faced this level again – now considered as resistance. A successful breakthrough should signal a shift, and probably stage a new bullish phase.
However, it is important to note that Sei is still trading within the bears’ zone from a short-term perspective. While the recent breakout is yet to confirm a trend shift, it may resume bearish if the supply continues to outweigh demand.
Technically, the bulls will likely gain control shortly. If they do, we can expect a new buying phase to start. Although, the price must increase above the December high before confirming a complete trend shift.
SEI’s Key Levels To Watch
While the price faces $0.29, a successful flip through $0.347 should activate buying towards the critical $0.434 resistance. A continuous increase from there should propel the rally to $0.55 and $0.75 before confirming a complete shift.
Still, the market is under the bears’ radar. If they show interest again, SEI may revisit the weekly $0.245 support, created yesterday. A drop below it could slip the price back to $0.214 with a potential break to $0.188.
Key Resistance Levels: $0.29, $0.347, $0.434
Key Support Levels: $0.245, $0.214, $0.188
- Spot Price: $0.278
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.