- SEI had a strongly bullish outlook on the upper timeframe charts.
- The costs may proceed bouncing between $0.6-$0.75 to shake out over-eager bulls.
Sei [SEI] rallied 298.9% from its low on the 18th of December to a peak on the third of January. Since then, the value has retreated to the $0.6 demand zone. The bulls continued to have the higher hand, and demand for the token was sturdy.
The market sentiment continued to be bullish regardless of the short-term volatility. Two key areas of help and resistance have been marked on the one-day chart of SEI. The bulls are prone to drive costs to $1 and past within the coming weeks.
The SEI value motion chart confirmed consumers have been untiring
Supply: SEI/USDT on TradingView
The market construction on the one-day chart was firmly bullish. The newest increased low was set at $0.55 on the third of January.
The promoting stress on that day noticed costs retreat to a zone of demand at $0.55 (cyan field) which had been a short-term consolidation zone on the thirty first of December.
At press time, SEI was buying and selling at $0.7305. The $0.6745 and $0.63 have been vital previously week. A retest of those ranges would possible produce a bounce in costs. The RSI was bullish with a studying of 61 and agreed with the technical construction.
The OBV has been marching northward at a powerful tempo since November. Nonetheless, it has slowed down previously ten days because the momentum weakened too.
But, the dearth of intense promoting stress advised that SEI was consolidating earlier than one other push upward.
Supply: Coinalyze
Knowledge from Coinalyze pointed to a gentle fee of promoting within the spot markets. The spot CVD has been in a agency downtrend over the previous week as costs remained caught inside the $0.6-$0.75 area.
However, the Open Curiosity has moved in tandem with the costs. This advised that every bounce in costs noticed speculators keen to guess on extra value beneficial properties.
It underlined the chance that futures market individuals nonetheless possessed bullish conviction and have been prepared to leap onto the following rally.
How a lot are 1, 10, or 100 SEI value immediately?
Paradoxically, this eagerness may see SEI trapped inside a spread longer to shake out these merchants and hunt their stop-loss orders.
The thought of consolidation meant {that a} transfer to the $0.67, $0.63, or $0.55 ranges can be a shopping for alternative. Merchants can watch for such a dip to enter positions and train correct threat administration when sizing their positions.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.