The bullish trend in Sei (SEI) was disturbed near the psychological level of $. Furthermore, the momentum was shifted to the seller’s hand.
Since March, the Sei Network price has been in a bearish trend and halted near the $0.250 mark. It has tested this level multiple times, and buyers have won the battle.
The SEI token price has declined due to resistance from a descending trendline. Moreover, the price has triggered a breakout from the trendline and displayed excellent bullish momentum.
During this momentum, the Sei Network price has exceeded the key moving average and has triggered a pullback. Let’s explore how it reacts after smashing the key moving average.
Sei Network Price Prediction: Can It Reclaim $1 Mark Soon?
Sei Network crypto traded at $0.479 with a neutral momentum over the past 24 hours. The market capitalization was $1.68 Billion, and the 24-hour trading volume was $333.02 Million.
Buying pressure can be anticipated if the crypto asset price surpasses the last swing high. If the trading volume supports this momentum, it could attract buyers. Once the SEI token price overcomes the $0.600 hurdle, it may extend to the $1 mark in a single push.
On the other hand, if the digital asset price faces resistance from the recent high, buyers at pullback might trapped.
Buyers might panic and prefer to book profit if the SEI token price starts trading below the 200-day EMA. Profit booking at this level could lead to strong selling pressure, and the price may melt to the $0.250 mark.
According to the technical indicators, the MACD has developed a bullish crossover with the Signal line. The red histograms were vanishing, which could attract buyers. The RSI has generated a golden crossover with the RSI-based moving average.
Can SEI Price Achieve Double Digit?
Crypto Patel (@CryptoPatel) is a cryptocurrency analyst who claimed that the Sei Network price has the potential to outperform. The price has triggered a breakout from the bull flag pattern on an hourly time frame.
$SEI/USDT Chart Analysis 🚀#SEI has broken out of a Bull Flag in HTF and is looking bullish!
Daily Demand Zone: $0.250
Short-term Target: $1
Long-term Targets: $5-$10Watch for the next big move! #Altcoins pic.twitter.com/3Dspn663li
— Crypto Patel (@CryptoPatel) October 11, 2024
The SEI price has departed from the demand zone of $0.250 on a daily time frame. The price is expected to reach the $1 mark in a few days. It may extend to the $5-$10 mark on a wider time frame.
SEI Price Forecast Based on Technical Chart
Based on the recent price movements and technical indicators, Sei Network has the potential to make a significant move. The price has shown a bullish momentum and triggered a breakout from the trendline. This indicated positive sentiment among buyers.
If the price surpasses the $0.600 hurdle and overcomes the last swing high, it could extend to the $1 mark. However, it’s essential to consider potential resistance levels and the trading volume to anticipate buying pressure.
Additionally, technical indicators such as the MACD and RSI suggest a bullish outlook, which may attract more buyers. Monitoring the price’s reaction after smashing the key moving average is essential to gauge potential future movements.