Story Highlights
- The SEI Price soared ~100% in 30 days.
- The expanding channel pattern indicates increased bullish sentiment for the altcoin.
- Sustained bullish price rally could push the price toward its target of $1.
The altcoin market has displayed a significant uptrend this week. Despite the market leader, Bitcoin price experiencing a neutral trend, major altcoins have displayed a double-digit surge with some gaining over 100%.
With a strong bullish breakout, will the SEI crypto token record a new 52-week high? In this article, we have covered the short-term price prospects of the Sei (SEI) crypto token.
SEI Crypto Records 8-month High!
Following the strong bullish reversal in the crypto market, the Sei price recorded a massive uptrend in its valuation. Notably, this altcoin has 2xed in November. This has resulted in it reclaiming its April high.
Furthermore, it has formed an expanding channel pattern in the daily time frame and has continued trading within it since August. Moreover, with a market capitalization of $2.73 billion, it has secured the 55th position.
Sei Technical Sentiments
The Relative Strength Index (RSI) continues hovering close to its overbought range in the 1D time frame. Moreover, with its average trendline experiencing a bullish convergence, the SEI price may continue gaining value this week.
Further, the Simple Moving Average (SMA) has displayed a positive crossover in the price chart. This suggests a bullish outlook for this altcoin in the cryptocurrency market.
Will SEI Price Hit $1 In 2024?
If the crypto market continues trading under a positive influence, the SEI price may retest its resistance trendline of the channel pattern. Further, if the altcoin market picks up, this could push the Sei price toward its annual high of $0.86.
Conversely, a bearish pullback could result in the price retesting its support level of $0.6015. Moreover, if the bearish sentiment intensifies, this could result in this altcoin retesting its lower support level of $0.4085.
To find out answers to questions like Can SEI reach $10? Read CoinPedia’s Sei Price Prediction.
FAQs
Considering the present market sentiments, this altcoin may conclude the year with an annual high of $0.86.
If the bullish sentiment sustains, the SEI coin price may reach a maximum price of 4.17 by 2030.
For this altcoin to achieve this price target, it will require a surge of 628.96% in valuation.
