SEI confirmed a bullish Inverse Head and Shoulders breakout with increased volume and now trades above neckline resistance near $0.2300.
Price action remains supported by the 50 EMA and higher lows, pointing to continued momentum in the short-term trading structure.
The Stochastic RSI emerging from oversold territory signals rising momentum, potentially leading SEI to retest resistance near $0.26 and beyond.
SEI has developed a bullish structure on the daily chart, reflecting a continuation bias after a confirmed breakout above key resistance.
Inverse Head and Shoulders Breakout
SEI concluded an Inverse Head and Shoulders formation in the high-timeframe chart recently, as indicated by Alpha Crypto Signal. This setup typically hints at bullish reversals and was confirmed when the price broke out through the neckline resistance level at the $0.2300 mark. This breakout was also backed by increased volume in trading, reflecting increasing market attention and furthering the upbeat mood in the market.
https://twitter.com/alphacryptosign/status/1925735606484668786
After the breakout, SEI has stayed above the 50-day Exponential Moving Average and the neckline, and they are currently being used as dynamic support levels. Structure remained positive, forming a series of higher lows since the breakout. This consistent formation reinforces the idea that the momentum to the upside is still intact. Price targets are expected in the $0.2900 to $0.3000 range based upon the measured move from the level of the neckline if the structure holds.
Price Consolidation Above Moving Averages Suggests Accumulation
Following the breakout, SEI entered a consolidation phase, trading just above its short- and medium-term moving averages. The current price is near $0.2387, which remains above immediate support around $0.2317. This area is critical as both moving averages converge here, offering a cushion during periods of retracement.
Earlier in April, a bullish crossover in these averages triggered a rally that lifted SEI to higher levels. Since then, the market has remained range-bound, suggesting a phase of accumulation. Resistance has formed near the $0.26 level, where recent attempts to move higher have been repeatedly rejected. This ceiling has become a short-term barrier, and a breakout above it may indicate further upward potential.
Momentum Indicators Support a Possible Upward Move
The Stochastic RSI is beginning to climb out of oversold levels, a sign commonly associated with future bullish action. The emergence coupled with supportive moving averages creates a positive context for the action in prices.
If SEI holds its position above the support level at $0.2317, the chances of retesting recent highs will rise. But if the support level is broken, lower levels in the range $0.20-$0.18 might come back into focus. Market participants are eagerly waiting for a confirmed break or breakout from the current range to identify the direction in the next move.
Overall, both the structure and indicators are presently consistent with a cautiously positive outlook if volume holds steady and important supports intact.
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