SEI Surges Following Coinbase Futures Listing Announcement: Could $1.50 Be Next?

SEI

Coinbase is set to back SEI futures, increasing investor attention before March 14. With growing network activity and NFT expansion, SEI has surged 13%, aiming for the $1 milestone. Despite a positive MACD, a flattening histogram suggests a possible momentum change.

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In the past day, Sei (SEI) has seen a 13% rise in its value. Although it encountered resistance around $0.9577, the bullish trend persisted, and SEI was trading at $0.9156.


Sei (SEI) Gains Momentum Towards $1.50

Following a bounce from the intra-day low of $0.7828, SEI has surged, hinting at a possible breakthrough. Speculation suggests that it might surpass the $1.50 mark by the end of the quarter, driven by growing network activity and expanding use cases.

SEI/USD 24-hour price chart (source: CoinStats)

Amid this surge, SEI’s market capitalization and 24-hour trading volume have risen by 11% and 78.03%, respectively. These increases, totaling $2,332,701,970 and $743,303,043, demonstrate growing interest and confidence among investors and traders in SEI’s potential.

SEI Expands NFT Presence

SEI’s collaboration with the Akita Inu Preservation Society has fortified its position in Japan and opened doors to various sectors, including the metaverse, art, and culture. This strategic alliance is expected to drive demand for SEI tokens, influencing its market performance positively.

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Coinbase International Exchange and Coinbase Advanced have announced plans to introduce perpetual futures contracts for SEI, Blur, and Uniswap, starting from March 14, 2024, at 10 am UTC. This development has sparked increased investor interest and optimism regarding SEI’s bullish potential.

Analyzing SEIUSD Price Trends

On the SEIUSD 4-hour price chart, the Moving Average Convergence Divergence (MACD) trend remains in the positive region, boasting a rating of 0.02892. This signifies robust bullish momentum in the short term, prompting traders to consider buying opportunities while the MACD stays above zero.

Despite the positive trend, the histogram is flattening, suggesting a potential weakening of the bullish momentum. Traders should be vigilant as a crossover where the MACD line falls below the signal line could indicate a looming trend reversal, prompting profit-taking strategies.

SEI/USD 4-hour price chart (source: TradingView)

The Chaikin Money Flow (CMF) rating stands at 0.07, indicating a diminishing bullish momentum as purchasing pressure decreases. This decline in buying interest could trigger a shift in market sentiment and a reduction in overall market activity. Should the CMF continue to decline, it may signal a decrease in money flow into the market, potentially heralding a bearish trend.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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