SEI/USDT Closes in on the $0.4000 Resistance

The Sei token has seen a notable price increase at the time of writing, while most cryptocurrencies are experiencing a bearish correction. As a result, the token ranks second on the list of top-performing crypto assets. The market is currently eyeing a key resistance level. Let’s analyze how it may approach this target.

Sei Statistics

Current Price: $0.3498

Market Capitalization: $2B

Circulating Supply: 5.78B

Total Supply: 10B

CoinMarketCap Rank: 48

Key Price Levels

Resistance: $0.3750, $0.4000, $0.4250

Support: $0.3250, $0.3000, $0.2750

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SEI/USDT Bulls Maintain a Firm Foothold

Although the Sei token has only shown a modest continuation of its upward trend, price activity suggests that market participants are already targeting a multi-month high. The ongoing session on the token’s daily chart has produced a visible green candle. This price candle positions the token above the upper band of the Bollinger Bands (BB) indicator, which itself is trending upward.

Similarly, the Smoothed Rate of Change (SROC) indicator remains above the equilibrium level. Consequently, this reinforces the likelihood that bullish momentum could continue pushing the market toward higher price levels.

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Sei Bullish Sentiment Gains Increasing Momentum

Even on a short-term basis, it is evident that the SEI/USDT market is gaining momentum. The latest price candle on the 4-hour chart appears bullish and is notably larger than previous bullish candles in recent sessions. Price action is steadily rebounding from the middle band of the BB indicator, and the current candle remains above the equilibrium level, signaling sustained bullish pressure.

The SROC indicator also stands above the equilibrium level, maintaining a sideways trajectory. Therefore, this market may soon break through the $0.4000 resistance level.

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