SEI rallies 60% as bulls eye $0.65 – But liquidation risks remain
The post SEI rallies 60% as bulls eye $0.65 – But liquidation risks remain appeared on BitcoinEthereumNews.com.
SEI has been eyeing $0.65 as the next key target. The liquidation map showed key pressure points at $0.514 and $0.550. Sei Network [SEI] has shown a remarkable recovery, posting a 60% increase over the past two weeks. This turnaround followed a recent retracement to the 50% Fibonacci level on the daily chart. At the time of writing, SEI’s price was $0.5264, representing a 14% gain in the last 24 hours. Meanwhile, the trading volume has reached $783.84 million, indicating strong market interest. Additionally, its Total Value Locked was $207.32 million, reflecting a solid foundation of user engagement and platform activity. Analyst predictions SEI’s price initially surged upward, forming a flagpole, followed by a consolidation phase within a downward-sloping channel. The breakout above the flag’s upper boundary now confirmed renewed bullish momentum. The breakout point was at $0.4600 at press time, and using the bull flag’s structure, the projected target price was $0.65. This projection is calculated by adding the height of the flagpole to the breakout level, suggesting significant upside potential for SEI if the breakout remains intact. SEI signals strong uptrend SEI’s daily chart price has broken above key resistance levels, moving toward its recent highs, indicating a potential continuation of the uptrend. Key resistance lay at around $0.5460 while $0.4414 served as a critical support level, aligning with the mid-line of the Supertrend and moving averages. Source: TradingView The Alligator lines were widening, confirming a trending market with the price firmly above these lines, indicating sustained bullish momentum. The Supertrend was green, reinforcing the positive trend, as long as the price remained above the trendline. The Chaikin Money Flow value of 0.19 highlighted positive buying pressure, suggesting strong capital inflows into SEI. Investor utility on the rise? The Total Value Locked (TVL) for SEI has shown a…
Filed under: News - @ November 17, 2024 9:06 am