SEI price prediction – Will $0.3 resistance fall soon? Here’s what traders should know!
- SEI is prone to get away previous the two-month vary and speed up past $0.3
- Futures market knowledge confirmed there was potential for a brief squeeze and excessive volatility
Sei [SEI] has skyrocketed larger recently, gaining by 40.6% within the final 24 hours alone and 68% over the previous week. This outstanding efficiency from the $1.5 billion market cap altcoin has vastly surpassed most tokens that have been equally sized or with a bigger market cap.
Actually, the value started to bounce from the vary lows after information that the Sei Community was chosen by the Wyoming Steady Token Fee as a candidate blockchain for WYST. If the bullish sentiment persists, a variety breakout could be achieved.
SEI set to blast previous the $0.3 resistance?
Supply: SEI/USDT on TradingView
As highlighted, the heavy shopping for quantity and the sturdy, fast impulse transfer meant {that a} breakout could also be possible. A every day session shut above the vary excessive at $0.275 could be an encouraging sight for the bulls.
The OBV cleared its March excessive, when the vary excessive was beforehand retested. The hike in shopping for stress might be a massively constructive signal for traders ready for a breakout. The RSI highlighted intense bullish momentum, however didn’t sign a divergence that might be adopted by a value dip at press time.
Over the past 24 hours, the Open Curiosity rose by by 71%.
This might be one other signal of bullish speculative dealer sentiment available in the market. And but, the funding fee remained damaging. This implied that brief positions have been paying the longs – An indication of bearish sentiment whereas underlining expectations of a bearish reversal.
Lastly, the liquidation heatmap highlighted a dense pocket of liquidity at $0.29, which was swept just lately. In the meantime, the short-term native help ranges at $0.27 and $0.26 noticed a build-up of lengthy liquidations. Therefore, a value dip to revisit these magnetic zones could also be a chance.
The damaging funding fee and expectations of a bearish reversal might induce a liquidity hunt for SEI, one which takes the value past $0.3. A brief squeeze is perhaps doable, however merchants ought to be cautious of volatility.
This won’t be the time to FOMO into lengthy or brief positions, however relatively an excellent time for longs to take earnings. A transfer past $0.3 or a breakdown beneath $0.26 might arrange the subsequent value transfer.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
