SEI Rallies on Coinbase Futures Listing News: Next Stop $1.50?

Sei (SEI) has witnessed a 13% increase in its price within the last 24 hours. Despite facing resistance at the intra-day high of $0.9577 at press time, bullish momentum was still in play, with SEI exchanging hands at $0.9156.

This surge, achieved after support at the intra-day low of $0.7828 was established, has propelled the token towards a potential breakthrough, with speculation suggesting it could surpass the $1.50 threshold before this quarter concludes. Burgeoning network activity and the expansion of use cases are poised to act as catalysts for this potential price movement.

SEI/USD 24-hour price chart (source: CoinStats)

During the upsurge, SEI’s market capitalization and 24-hour trading volume increased by 11% and 78.03%, respectively, to $2,332,701,970 and $743,303,043. This increase displays the increased interest and confidence in SEI among investors and traders, showing an optimistic outlook on the token’s potential.

Enhanced Network Activities and Exchange Support

Concurrently, SEI’s foray into the NFT domain is bolstered by its collaboration with the Akita Inu Preservation Society. This alliance has strengthened SEI’s foothold in Japan and has paved the way for its integration into various facets such as the metaverse, art, and culture. As a result, the anticipated rise in token demand is expected to play a crucial role in shaping SEI’s market performance.

Adding to this momentum, Coinbase International Exchange, along with Coinbase Advanced, have announced their plan to support perpetual future contracts for SEI, Blur, and Uniswap, commencing on or after March 14, 2024, at 10 am UTC. These moves have increased investor interest and optimism in SEI’s bullish potential.

SEI/USD Technical Analysis

On the SEIUSD 4-hour price chart, the Moving Average Convergence Divergence (MACD) trend in the positive region with a rating of 0.02892 indicates that the bullish momentum is strong and likely to persist in the short term. As a result, traders may seek buying opportunities as long as the MACD remains above zero.

However, despite moving in the positive range, the histogram is flattening, indicating that the bullish momentum may wane. As a result, if the MACD line crosses below the signal line, it may show a probable trend reversal, causing traders to take caution and consider taking profits.

SEI/USD 4-hour price chart (source: TradingView)

The Chaikin Money Flow (CMF) rating of 0.07 indicates that the bullish momentum may fade as purchasing pressure lessens. This tendency could result in a shift in market mood and a drop in buying interest. If the CMF continues to fall, it may suggest a decrease in money flow into the market, potentially signaling a bearish trend.