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- SEI breaks out from a downtrend, testing the neckline as support with targets at $0.3261 and $0.3920.
- The bullish trend continues, with momentum increasing and SEI poised for potential price gains.
- MACD shows strong bullish divergence, supporting further price increases as SEI stays above key support.
SEI/USDT appears to be breaking out towards the upside after following a long downtrend. The cryptocurrency has broken away from an inverse head-and-shoulders pattern. With this breakout, SEI is facing the neckline again, using it as support. If the price holds above $0.2077, the price could continue to rise. Rose Premium Signals highlighted that SEI has two important targets at $0.3261 and $0.3920, which creates a positive outlook among traders.
SEI’s price is currently testing the neckline, and it is well supported by the area below. If the market manages to stay above $0.2077, the asset could keep increasing, with the support of targets set at $0.3261 and $0.3920. These levels are now at the center of attention for traders hoping for the market to rise.
Source: X
Bullish Momentum Continues
It appears that the bullish trend is continuing and the momentum is picking up. The RSI for SEI is currently at 60.80, so the stock is close to being regarded as overbought. Yet, there may still be potential for another boost. A reading over 70 means the asset is now overbought, but the high level can still lead to more increase.
The bullish view is also seen in the MACD (Moving Average Convergence Divergence) indicator. The MACD line has a value of 0.0132, and the signal line is currently at 0.0098. This is a sign of positive market trends, as the histogram demonstrates a strong bullish divergence. Therefore, there is a strong chance that prices will increase.
SEI Holds Key Support
When SEI again touches the neckline support, traders scrutinize the price movement to see if the trend will continue in an upward direction. If price support remains at $0.2077, the price might move up to reach the next resistance levels. If the breakthrough rises above these levels, it could lead to even better outcomes.
As of press time, SEI is trading at $0.2224, and the daily trading volume is $74.45 million. The cryptocurrency has dipped by 3.65% in the last 24 hours and by 14.77% over the last week.
It is important for traders to pay attention to support and resistance, since the next few days might decide the price trend. SEI might arrive at its targets of $0.3261 and $0.3920 if the market keeps growing. The momentum suggests there is more room for SEI to increase. As support continues to hold, the next step seems to be more positive gains.
