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- SEI breaks resistance, targets $1.06 with a 57.53% potential upside from current levels.
- Bullish moving average crossover and rising open interest signal continued momentum for SEI.
- SEI’s growth depends on breaking key resistance; failure may lead to consolidation or pullback.
Lately, Sei (SEI) has been thriving with impressive numbers. Now, SEI boasts 871,000 daily users and $254 million in Total Value Locked (TVL). The recent breakout from a key resistance level suggests potential for further growth. Let’s dive into SEI’s price action, technical indicators, and overall market sentiment to determine whether $1.06 is within reach.
$SEI's chart showing strong momentum. Break above 0.58 resistance looks convincing. Strong volume + higher lows pattern suggests bullish continuation. I'd watch for potential pullback to 0.52-0.55 for entry. #SEI #crypto
— Margin Call™ 🦇🔊 (@MCalltm) November 27, 2024
Breaking Resistance: The Path to $1.06
SEI surged recently, breaking free from a descending channel pattern. This signals a trend reversal, catching the eye of traders and investors alike. As of now, SEI trades at $0.6683, marking a 4.14% increase on the day. With resistance at $0.6712 now breached, SEI targets a new high at $1.0604.
This represents a 57.53% potential increase from current levels. Adding to the bullish outlook, the 9-day moving average (MA) recently crossed above the 21-day MA. The 9-day MA sits at $0.5748, while the 21-day MA is at $0.5157, supporting the bullish momentum.
Will SEI’s Bullish Momentum Last?
While Sei is showing strong growth potential, some hurdles still exist. To keep this bullish momentum, SEI must maintain upward pressure and break through more resistance levels. A failure to overcome the $0.67 resistance could lead to consolidation or even a pullback.
However, the technical indicators, along with strong social volume and open interest, suggest continued upside potential. SEI’s recent performance points to the possibility of hitting the $1.06 target, provided momentum holds and key levels are broken.
For now, SEI’s path to $1.06 hinges on its ability to overcome key resistance and maintain market confidence. The current bullish trend looks promising, but traders should stay alert to any shifts in market sentiment. With the right conditions, $1.06 could be within reach.