The SEI token has constantly been under the limelight of the crypto industry over the past few days with its impressive price action. Notably, the Sei price has surged over 35% today, resulting in it successfully reclaiming the $0.27 mark. With this, its weekly gains has increased to approximately 73%, making it the best-performing altcoin of the week.
On the other hand, the on-chain data has also displayed increased volatility over the recent times. Are you one of many who are planning on investing in this crypto token? In this article, we will uncover the possible short-term Sei price prediction.
The volume displayed a consolidated trend over the past 4 months, indicating a weak price action during this period. However, the chart shows rising bars over the past few days, showing rising buying-and-selling pressure.
Adding to this, the Sei total liquidations chart also shows significant spikes over the past 5 days. Considering the present token sentiments, it could record major price movements within a short period of time as the optimism for SEI token is rapidly increasing.
Sei Total Liquidations Chart, Source: Coinglass
Sei Crypto On the Path to a Breakout Rally?
With a listing value of $0.2782, the SEI price has a market capitalization of $1.53 billion which totals to about 0.0477% of the total market share.
The Stochastic RSI indicator has breached the overbought range (80) in the daily time frame, suggesting a significant rise in the buying pressure. However, the current trend suggests a high possibility of a correction shortly, hinting at increasing volatility.
The Exponential Moving Average (EMA) 20, 50, 100, 200 is a key indicator used by investors to identify the key price point as it could help them keep a track of multiple safe exits. In the above chart, all 4 EMAs are now below the price mark. Moreover, the 20 & 50-day EMAs have successfully recorded a positive crossover.
The SEI price could retest its immediate resistance level of $0.2910 if the bulls maintain control. Additionally, increasing positive influence could result in it reclaiming its multi-month high of $0.370 soon. Conversely, a bearish reversal may result in it dropping toward its lower support levels of $0.22 or $0.1650 during the upcoming days.
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