Key takeaways
- SEI has reclaimed the $0.30 psychological level, paving the way for further rally.
- The positive performance comes despite Bitcoin and other major cryptocurrencies recording losses.
SEI rallies as BTC and others falter
SEI, the 47th-largest cryptocurrency by market cap, is one of the best performers in the top 100 over the last 24 hours. The coin added 5% to its value during that period, allowing it to reclaim the $0.30 mark.
The positive performance comes despite Bitcoin, Ether, XRP, and other major cryptocurrencies recording losses. Bitcoin failed to build on its earlier momentum and now looks set to drop below $106k soon.
SEI’s rally comes after the coin added 80% to its value last week. With the bulls still in control, the coin could resume its upward rally soon and set a new 6-month high.
SEI could rally to $0.430
The SEI/USD 4-hour chart is bullish and efficient, indicating a bullish bias for the cryptocurrency. The efficiency shows that the market has swept liquidity to the downside and could likely rally higher in the short term.
The pair has an RSI of 60, showing that SEI is currently facing buying pressure from investors. Meanwhile, the MACD lines have also crossed into positive territory and read 0.0108, also suggesting that buyers are in control.
With the bullish trend now resuming, SEI could target the first major resistance level at $0.3516. An extended rally would allow SEI to hit the $0.430 level for the first time since January 2025. However, this rally would likely depend on the broader crypto market and how Bitcoin’s price action plays out.
There is still a chance that the market could turn bearish. Any bearish price action could see SEI retest the $0.24 low. An extended bearish run would see SEI hit the Transactional Liquidity (TLQ) around $0.19. However, the bulls have defended this level vigorously over the past few weeks.
