Sei Price Prediction: A bounce from here could signal a bullish trend for SEI

Source Fxstreet
Apr 20, 2024 06:30
  • Sei price is holding above critical support at $0.4732 based on recent price action
  • SEI could rise to $0.8000 amid rising momentum and two buy signals in the works.
  • A break and close below $0.4000 would invalidate the bullish thesis.

Sei (SEI) price is nurturing a recovery rally after a fall of nearly 40% starting April 9. With the SEI bulls defending against further downside, the altcoin could be primed for a growth in bullish momentum.

Also Read: SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI could rally 40% if altcoins show strength

Altcoins could have their rally now that the Bitcoin halving has concluded. For the Sei price, this could mean a climb of around 38% as bulls defend against further downside. On the 1-day timeframe, the altcoin is at a make-or-break support level of $0.4732 based on recent price action. A bounce from here could signal a bullish trend ahead.

If the SEI bulls can muster enough strength to stay above this support zone, it would provide a good jumping-off point for the Sei price to keep the momentum going. Already, the altcoin has flipped the 200-day Simple Moving Average (SMA) into support, with eyes now set on the $0.8000 target. Such a move would denote a climb of almost 38% above current levels. To get here, however, the bulls must overcome the resistance confluence between the 100- and 50-day SMA at $0.7554 and $0.7647 respectively.

Notice also that both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are flirting with a confirmed bullish cross over above their respective signal lines, interpreted as buying signals.

In a highly bullish case, the Sei price could shatter the $0.8000 blockade, extending the gains to tag the $1.0000 psychological level,  or in a highly bullish case, reach to reclaim the $1.1450 range high.

SEI/USDT 1-day chart

On the other hand, if bulls begin to cash in on the nearly 20% gains made over the past four days, the Sei price could drop. A daily candlestick close below the $0.4000 psychological level would invalidate the bullish thesis.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Coinbase files fresh reply in legal battle with SEC after ETH ETF and FIT21 approvalCoinbase (COIN) issued a response on Friday to its initial interlocutory appeal for answers regarding securities question in battle that has lingered with the Securities & Exchange Commission (SEC).
Source  Fxstreet
Coinbase (COIN) issued a response on Friday to its initial interlocutory appeal for answers regarding securities question in battle that has lingered with the Securities & Exchange Commission (SEC).
placeholder
Ethereum fails to overcome key resistance, predictions pour in as SEC will decide on spot ETH ETF next weekEthereum again went below the $3,000 key level on Thursday after posting signs of a rally.
Source  Fxstreet
Ethereum again went below the $3,000 key level on Thursday after posting signs of a rally.
placeholder
Google announces search engine version powered by generative AI, sector tokens fail to rallyAI and big data crypto projects and tokens are bleeding, data from CoinGecko shows, with the sector bearing the brunt of a market that is devoid of directional bias.
Source  Fxstreet
AI and big data crypto projects and tokens are bleeding, data from CoinGecko shows, with the sector bearing the brunt of a market that is devoid of directional bias.
goTop
quote