SEI’s Remarkable Surge: Can It Break the $1 Barrier?

• SEI sees a 5% upswing, pushing its market cap to $1.9 billion.
• Despite resistance at $0.85, SEI aims for $1 as analysts anticipate a major run with conditions including a close above $0.8.
• Cautious optimism prevails with an RSI of 57 as traders are advised on potential retracement.

Crypto enthusiasts are closely monitoring SEI as it experiences a commendable 5% upswing, seizing the attention of investors amidst Bitcoin’s (BTC) narrow price fluctuation between $42,000 and $43,000. 

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The recent price surge propelled SEI’s market capitalization by 3.3%, reaching $1.9 billion and securing the 44th spot among all cryptocurrencies. Trading comfortably at $0.83 during US business hours, SEI has set its sights on a medium-term target of $1.

Breaking above an ascending triangle initially boosted the bullish sentiment, but the ascent faced resistance at $0.85, prompting the first retest of the triangle x-axis Support/Resistance (S/R) at $0.775. Analysts and traders are closely observing a four-hour close above the immediate support level at $0.8, viewing it as a potential trigger for a wave of long positions and a breakout to $1.

Crypto analysts and traders express optimism about SEI’s potential for another major run. However, the bold resistance at $0.85 remains a key challenge. The current neutral Relative Strength Index (RSI) of 57 indicates cautious optimism, but experts caution that further dips below the 50 midline might embolden sellers.

Traders are advised to tread carefully, considering key support areas such as the triangle x-axis at $0.775. The 20 Exponential Moving Average (EMA) and the 50 EMA, catching up to the uptrend, could play crucial roles in navigating potential declines, with a mention of the local support at $0.7.

Read also:

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• Tron’s Price Surge: Breaking Barriers at $0.091, Eyes Set on $0.10