This SEI/USDT daily chart tells a story of recovery and potential reversal:
• The yellow zone is a strong support level where buyers have historically stepped in. The price is currently bouncing off this area, signaling accumulation.
• The price previously followed a clear Elliott Wave pattern, with impulsive moves upward and a corrective phase downward. Now, it’s showing signs of starting a new impulsive wave.
• The trendlines highlight a breakout from the downtrend, with the price retesting the support zone, which often leads to upward momentum if it holds.
Indicators:
• The RSI is recovering from oversold conditions, showing early bullish momentum.
• The moving averages (MA) are lagging, but a crossover could confirm a stronger trend later.
This chart suggests an opportunity for a swing trade or mid-term hold, as long as the price respects the support zone and doesn’t fall below. A bullish continuation could target levels like $0.50 and $0.65 in the coming weeks.$SEI
