SEI crypto up 37% in 6 days – Here’s how bulls can target another 11% hike

Sei has a strong bullish outlook in the short-term.
The higher timeframes favored the range formation and a breakout might be difficult now.

As a seasoned analyst with years of market analysis under my belt, I find myself optimistic about SEI‘s short-term prospects. Despite the downtrend since March, SEI has shown resilience and has been consolidating within a range. The recent 37.2% surge since August 19 is a testament to this resilience.

Since March, SEI has been on a downward trend, but starting July, it’s been holding steady within a specific price range. Recent trading activity has shown a bullish sentiment, though it hasn’t yet broken through this range as of now.

Starting from August 19th, SEI has experienced a growth of approximately 37.2%. However, it’s uncertain if we will see a breakout unless Bitcoin [BTC] manages to surpass the resistance zone around $64,000 – $66,000.

SEI is range-bound but expect short-term gains

SEI crypto up 37% in 6 days – Here’s how bulls can target another 11% hike

On the day-to-day chart, SEI shows a bullish trend following its break above the $0.3145 support level established earlier this month. Over the last two months, the price range of the token (indicated in red) has extended from approximately $0.24 to $0.4.

Previously, the midpoint stood at $0.32, but the bulls have now effortlessly moved beyond this level. Their current objective lies at the upper limits of the range, around $0.4. A few days ago, the Moving Average Convergence Divergence (MACD) exhibited a bullish trend, and it’s about to break above the zero line, indicating a neutral position.

On the daily chart, this suggests a robust upward trend, or “bullish push.” The On-Balance Volume (OBV) has surpassed the peaks it reached on August 12th. This recent surge in buying activity has supported and reinforced the ongoing price increase over the past week.

Mixed signals from the spot and futures markets

SEI crypto up 37% in 6 days – Here’s how bulls can target another 11% hike

Over the last four days, the Open Interest has almost doubled, climbing from approximately $40 million to about $77 million as of now. This surge suggests that investors are keen on buying the token, anticipating further price increases based on their confidence in its potential growth.

Is your portfolio green? Check the Sei Profit Calculator

1. In the market, the funding rate indicates a predominantly optimistic outlook. Meanwhile, over the last ten days, the spot Cash-Settled Value (CVD) has seen a decreasing pattern. However, in the recent 48 hours, its trend has leaned more towards neutrality.

Despite the reassuring absence of immediate demand being a cause for concern, it’s important to remember that there’s still a significant chance the price could drop to $0.4.

2024-08-27 05:11

SEI is range-bound but expect short-term gains

Mixed signals from the spot and futures markets

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