Today, the overall market is rebounding, and cryptocurrencies are also experiencing a wave of recovery, especially after Israel and Iran announced a ceasefire, significantly improving the sentiment for risk assets.
In this wave of rising, SEI is undoubtedly the biggest winner—surging over 40% in 24 hours, currently reported at $0.2851, breaking out of the downward trend of the past few weeks, and completely igniting market sentiment.
Why is it this? The technical aspect provides a very clear answer.
Technical aspect: SEI has completed a wedge breakout, and the short-term structure has turned strong.
From the daily chart, SEI has been oscillating within a descending wedge structure over the past few weeks, which is typically viewed as a classic 'bullish reversal pattern'. Today's rise has strongly broken through the upper edge of this structure, while also standing above the middle line of the Bollinger Bands, indicating that the price has officially transitioned from a consolidation phase to a trending phase.
At the same time, the RSI indicator has risen to 73.6, entering the overbought zone, indicating strong bullish buying momentum. However, it should also be noted that there may be a slight pullback in this strong momentum in the short term, so it is not advisable to chase blindly.
More importantly, SEI has also broken through the upper band of the 20-day Bollinger Bands, combined with an increase in volume, indicating that this is not a random spike, but rather an organized capital attack.
What's the outlook next? The support and resistance levels are clearly shown in one chart:
The next resistance level to watch is $0.3336, which is a key area of dense trading from before.
The first support below is at $0.1964, which is near the previous bottom.
The real 'stop-loss line' is around $0.1665, which is the wedge low point before this round of rising.
If the market stabilizes at the current price level and continues to increase in volume, this wave of rising may just be the beginning.
If you find this article inspiring, feel free to like, follow, and share it with your friends in the crypto circle. Let's navigate through the cycles together and move forward rationally.
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