SEI/USDT Bullish Bounce Will Likely Produce Only Short-term Gains

The market for Sei (SEI) has experienced a sudden and notable price increase during the ongoing session, bringing it into the limelight as the third most gainful token at the moment. The price of the token has surged by 20.36%, pushing it above key technical levels. Let’s take a closer look below.

Sei Statistics:

SEI Current Price: $0.2691

Market Capitalization: $1.25B

Circulating Supply: 4.64B

Total Supply: 10B

CoinMarketCap Rank: 67

Key Price Levels:

Resistance: $0.3000, $0.4000, $0.5000

Support: $0.2500, $0.2000, $0.1500

SEI/USDT Price Action Surpasses a Critical Threshold

The recent price surge on the Sei daily chart has propelled price action past the 20-day Moving Average (MA) line. Although this move is significant, price action remains below most of the other MA lines.

Meanwhile, the Stochastic Relative Strength Index (RSI) has delivered a bullish crossover at the 80 mark of the indicator. The lines of this indicator have subsequently continued upward, suggesting that further price increases may be seen in subsequent sessions.

SEI Traders Lock in a Target at the $0.3000 Price Level

The SEI/USDT 4-hour price chart reveals how price action is developing. Price candles on this chart have risen past the 20-, 50-, and 100-day MA lines. However, the 200-day MA remains above price action and other MA lines. Meanwhile, the last price candle on this chart appears to be leaping toward the 200-day MA line.

Technically, this highlights the possibility of price action hitting the $0.3000 level before potentially rebounding downward. However, this will depend on whether price action can successfully break past the 200-day MA curve. Be that as it may, the RSI lines are currently trending sideways at 96.53, and if they continue dragging near the 100 mark, traders can still target the $0.3000 level.

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