Cryptocurrency SEI Soars, Predicted to Reach $1 Amid Bullish Market
SEI Forecast: $1 Target Amid Sustained Demand
The cryptocurrency SEI has experienced strong demand in recent weeks, which continues to be reflected in rising prices despite short-term volatility. The forecasts are targeting a price of $1, with current price movements ranging between $0.6 and $0.75. This represents a strong bullish outlook on the higher timeframe charts.
SEI: A Strong Bull Market
SEI has been able to gain 298.9% since its low on December 18th and reached its peak on January 3rd. Since then, the price has retreated to the $0.6 demand zone. Despite the short-term volatility, the demand for the token remains strong and the market remains bullish. It is expected that the bulls will drive the prices to $1 and beyond in the coming weeks.
Technical Analysis: Bullish Signals
The market structure on the one-day chart is firmly bullish. The most recent higher low was set on January 3rd at $0.55. The selling pressure on that day caused the prices to retreat to a demand zone at $0.55, which was a short-term consolidation zone on December 31st. At the time of publication, SEI was trading at $0.7305. The RSI was bullish with a value of 61, in line with the technical structure.
Market Data: Steady Selling Rate
Data from Coinalyze indicate a steady selling rate in the spot markets. The Spot CVD has been in a steady downward trend for a week, while prices have been stuck within the $0.6-$0.75 region. On the other hand, the open interest has moved parallel to the prices. This suggests that every price increase has prompted speculators to bet on further price gains. It underscores the possibility that futures market participants still have a bullish conviction and are ready to jump on the next rally.
Forecast: Consolidation Ahead of Next Uptrend
Despite the current euphoria, SEI could be trapped in a range for longer to shake out these traders and hunt their stop-loss orders. The idea of consolidation means that a drop to the $0.67, $0.63, or $0.55 levels would represent a buying opportunity. Traders can wait for such a drop to enter positions and practice appropriate risk management in sizing their positions.
Source: Coinalyze
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