Can SEI Price Continue to Rise & Reclaim Upper Levels?

Sei is the first Layer 1 blockchain that is tailored for trading, giving exchanges a unique edge.

It is not limited to just AMMs and order books, but also covers NFTs and gaming. NFTs are mostly traded on NFT marketplaces, another form of exchange. Most crypto games have built-in exchanges for users to swap the in-game NFTs and tokens. 

Exchanges have the biggest network effect, and whole ecosystems emerge around them. However, exchanges are also the most neglected application in crypto. They need a special level of reliability, scalability, and speed that no other apps require.

If a big exchange goes offline for a few moments, it is disastrous, but the same downtime is much more acceptable for most other application types. Despite the drawbacks of existing Layer 1 blockchains, exchanges have thrived.

Let’s Analyze SEI Price on 1-D Time Frame.

The SEI price exploded remarkably from October 2023 from $0.0928, rose higher and higher, creating new highs during the process. 

It demonstrated a remarkable growth in the SEI crypto price in the last three months. 

The price movement shows that the Sei has formed a bullish pattern known as the flag and pole pattern and has room to run higher.

The chart performance showed a 93.27% jump on a monthly basis, 156.41% on a monthly, and 95.54% in the past week. This gives the hint that the Sei crypto is in a strong uptrend and has a strong momentum.

The SEI/USD crypto pair has a current market price of $0.2830 with an intraday surge of 0.16%.

Furthermore, it seems like the crypto might be poised for another spectacular uptrend rally. As it prepares to shatter the resistance level and soar to new heights from the current level.

Therefore, if buyers sustain the pressure, SEI price might rise strongly from the current level. 

The possible target for SEI price is $0.350. On the contrary, if SEI fails to hold its ground and slips past the $0.200 level, it may fall further.

SEI crypto price is above the 20, and 50-day EMA’s  (exponential moving average). 

The EMA is giving a good support for the price, assisting the SEI price trend to go up.

The MACD line at 0.03606 and the signal line at 0.02472 is above the zero line. Both lines have been moving above the zero line and the histogram width is showing a good activity in price. 

The histogram is at 0.01133 and highlighting the strength is still surging. Moreover, this shows that the current bullish crossover in the MACD oscillator, suggests bullish signals

Technical Levels

Support Levels: $0.350

Resistance Levels: $0.200

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.