SEI has the potential to break out of the two-month trading range and accelerate past the 0.3 USD threshold.
Futures market data indicates the potential for a short squeeze and strong volatility.
Sei [SEI] has surged recently, recording a 40.6% increase in just the past 24 hours and a 68% increase over the past week. The impressive performance of this altcoin with a market capitalization of 1.5 billion USD has outperformed most tokens of similar size or larger market caps.
In fact, the price started to bounce from the bottom of the range after news that Sei Network was selected as a Blockchain candidate for WYST by the Wyoming Stable Token Commission. If the positive momentum continues, the breakout from the range could become a reality.
Is SEI about to break the resistance level of 0.3 USD?
Source: SEI/USDT on TradingView
As emphasized, the large buying volume along with strong and rapid momentum indicates a very high breakout potential. A daily close above the resistance level of 0.275 USD will be a positive sign for the bulls.
The OBV index has surpassed the March peak, corresponding to a retest of the previous range peak. The surge in buying pressure is a very positive signal for investors waiting for a breakout. RSI shows strong bullish momentum without signaling any divergence, meaning the price is not showing any signs of a bearish reversal at this time.
Source: Coinalyze
In the past 24 hours, the Open Interest index has increased by 71%.
This could be another sign that bullish trader sentiment is gradually gaining dominance in the market. However, the funding rate remains negative, indicating that short positions are paying fees to the long side – a potential sign of downward pressure alongside expectations of a bearish reversal.
Source: Coinglass
The liquidation heatmap shows a dense liquidity area around the level of 0.29 USD, which was recently swept clean. Meanwhile, the short-term local support levels at 0.27 and 0.26 USD are witnessing a spike in long position liquidations. Therefore, the price could very well return to this area to test the strong support zone.
The negative funding rate combined with bearish reversal expectations could trigger a liquidity hunt on SEI, pushing the price well beyond the 0.3 USD mark. A short squeeze could occur, but investors need to be cautious of strong volatility.
Now is not the right time to FOMO into long or short positions. Instead, this is a good stage for long position holders to take profits. A price breakout above 0.3 USD or a drop below 0.26 USD will signal the next trend for SEI.
Source: https://tintucbitcoin.com/du-doan-gia-sei-vuot-03-usd/
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