NEW DELHI (CoinChapter.com) — The SEI (SEI) price uptrend took its valuation per token above $0.300, a technical resistance level. It has gained over 200% in a few weeks and might aim for a test of $1.00.
How is SEI Price Uptrend Happening?
In December 2023, Sei started a strong increase after forming a base above the $0.200 level. There was a steady uptrend above the $0.300 and $0.500 resistance levels. It gained over 200% in a matter of days and broke the $0.800 resistance, outperforming Bitcoin and other major cryptocurrencies.
Finally, it faced sellers near the $0.890 level. Recently, a downside correction was below the $0.700 level, but the price remained well above the 50-day simple moving average (blue).
A low was formed at $0.5800, and the SEI price is rising again. It is up over 20% and trading above $0.700. There was a clear move above the 50% Fib retracement level of the downside correction from the $0.8900 swing high to the $0.5800 low.
Sei bulls are now facing resistance near the $0.8165 level. It is close to the 76.4% Fib retracement level of the downside correction from the $0.8900 swing high to the $0.5800 low.
The first major resistance is near the $0.8500 zone. A key breakout pattern is forming with resistance at $0.850 on the daily chart. A clear move above the $0.8500 resistance could even push the price above the $0.8900 high. In the stated case, SEI price might surge and test the $1.00 barrier.
The ContributionDAO Research team recently presented “Sei Network 2023 Recap”, highlighting Community growth, Product development growth, Network performance growth, and ecosystem highlights. It showcases Sei’s strong progress and 2023, which could drive SEI higher in the coming weeks.
Another Dip?
If SEI fails to continue higher above $0.8165 or $0.85another, another downside correction might occur. Immediate support is near the $0.7720 level.
The first major support sits near the triangle region at $0.7350. A downside break below the triangle support could spark strong bearish moves. The next major support is now forming near the $0.6300 level, below which the bears could aim for $0.5800. Any more losses might call for a test of the 50-day simple moving average (blue) at $0.4650.
Overall, the SEI price is gaining traction and might attempt another surge above the $0.8500 and $0.8900 resistance levels. If the bulls fail, there could be a drop toward $0.7350 or even $0.6300.
