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    Sei Price Prediction: SEI recovery rally to face stiff hurdles at $0.700

    Source Fxstreet
    Jan 24, 2024 04:07
    • Sei price has shed 35% in under six days, due to excessive selling pressure.
    • After a liquidity run below the $0.585 swing low, SEI triggered a 13% recovery rally.
    • Going forward, the $0.690 and $0.701 resistance levels will be pivotal in determining the trend going forward.
    • Rejection at $0.690 or $0.701 that leads to a production of a lower low below $0.562 will invalidate the bullish thesis. 

    Sei price shows a good sign of recovery after sweeping a key swing low. This move indicates that bulls are vying for higher prices. However, the pullback rally will not be simple due to key hurdles.

    Readmore: Sei price could rally 20% as SEI bulls mount a comeback

    Sei price recovery rally kickstarts

    Sei price underwent a steep correction of 35% in less than six days, pushing it from $0.874 to $0.562. In the process of this sell-off, SEI swept below a key swing point of $0.585, triggering a short-term spike in buying pressure. As a result, the altcoin inflated by 13% and currently trades at $0.637. 

    The $0.585 is a key swing low because it is a higher high in the long-standing uptrend that failed to produce a higher high and has now produced a lower low as well. While this development could mean the start of a downtrend, it could also reflect a short squeeze. 

    Regardless, the bounce in Sei price will encounter two key hurdles at $0.690 and $0.701 after a 10% move. If buyers push higher and flip these resistance levels into a support floor, it will indicate an active short squeeze, and likely propel the altcoin higher.

    In such a case, Sei price could attempt to sweep the equal highs buy-side liquidity resting above $0.884. This move would constitute a nearly 40% rally from the current position.

    Also read: Week Ahead: This week’s altcoin narrative and Bitcoin's fourth halving targets

    SEI/USDT 4-hour chart

    SEI/USDT 4-hour chart

    On the other hand, if Sei price recovery rally faces the $0.690 and $0.701 hurdles and fails to overcome them, it would create a lower low. This development is indicative of a potential reversal and a spike in selling pressure that is likely to push SEI lower.

    If Sei price produces a decisive four-hour candlestick close below $0.562, it will create a lower low and invalidate the bullish thesis. In such a case, the altcoin will encounter the stable support level at $0.554, which is the midpoint of the 300% rally witnessed between December 18, 2023, and January 3, 2024.

    Also read: Grayscale’s Bitcoin sale unlikely to have driven BTC price lower, profit taking is likely driver

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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