SEI and SUI are two high 50 altcoins that reached new all-time highs at present.
Whereas SUI has elevated parabolically, SEI is struggling to shut above the earlier all-time excessive resistance space. Will it accomplish that?
SUI Parabola Results in New All-Time Excessive
The SUI value has elevated alongside a parabolic ascending assist development line since October 2023. The development line has been validated quite a few occasions, most just lately on January 23, 2024 (inexperienced icon).
Since then, SUI has accelerated its fee of enhance even additional. Immediately, the altcoin reached a brand new all-time excessive of $1.97. Moreover, the Relative Power Index (RSI) offers a constructive studying.
When evaluating market circumstances, merchants use the RSI as a momentum indicator to find out whether or not a market is overbought or oversold and whether or not to build up or promote an asset.
If the RSI studying is above 50 and the development is upward, bulls nonetheless have a bonus, but when the studying is under 50, the alternative is true. The RSI is above 50 and rising each bullish indicators.
If the upward motion continues, the following resistance is 15% above the present SUI value at $2.20. It’s created by the 1.61 exterior Fib retracement of the earlier drop.
Regardless of this bullish SUI value prediction, a breakdown from the parabola can set off a 28% drop to the closest assist at $1.40.
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Can SEI Worth Attain a Shut Above Resistance?
The SEI value has elevated quickly since December 2023. The upward motion led to an all-time excessive of $0.88 on January 4, 2024. Afterward, the value started transferring downward, validating the $0.85 horizontal space as resistance.
The downward motion stopped on January 23. After creating a better low on February 7, the altcoin accelerated its enhance and broke out from the $0.85 space at present, reaching a brand new all-time excessive of $0.90.
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The RSI is rising and transferring above 70, each indicators of a bullish development.
The wave depend additionally suggests the rise will proceed. Using the Elliott Wave principle, technical analysts study long-term value patterns and investor psychology that recur to find out the path of a development.
The most certainly depend signifies that SEI is within the fifth and remaining wave of its enhance, which may culminate with a excessive close to $1.08, 26% above the present value.
Regardless of the bullish SEI value prediction, a rejection from the $0.85 space can set off a 32% drop to the closest assist at $0.60.
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Disclaimer
In keeping with the Belief Mission tips, this value evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to vary with out discover. At all times conduct your individual analysis and seek the advice of with knowledgeable earlier than making any monetary choices. Please be aware that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.