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. 

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.

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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