Altcoins like Sei (SEI), Pudgy Penguins (PENGU), and Fartcoin (FARTCOIN) have surged strongly with double-digit increases within the last 24 hours, far exceeding the overall performance of the cryptocurrency market. Risk appetite is returning as the minutes from the US Federal Reserve meeting spark hopes of potential interest rate cuts in the near future. This development has helped Bitcoin (BTC) surpass $116,000 – establishing a new price peak during Thursday's trading session. From a technical perspective, the current upward trend is likely to be further strengthened as market momentum is clearly shifting to a more optimistic stance towards growth cryptocurrencies.
SEI aims for higher levels as the price increase momentum remains.
SEI continues to record strong gains, surging an additional 8% at the time of writing on Friday, extending the impressive growth streak after climbing 15% in the previous session. This altcoin is consolidating a recovery trend with a double-bottom reversal pattern, formed from the $0.2562 area and has now broken through the neckline at the closing price of $0.3068 on June 24.
If SEI can maintain a daily close above this threshold, the technical pattern will be confirmed, opening up the opportunity towards the next resistance zone at $0.3642 – a price level that was tested on January 21.
Technical signals are also supporting the upward trend. The MACD indicator is nearing a crossover with the signal line, indicating the possibility of a buy signal in the short term. If a positive crossover occurs, this will be an additional confirming factor for SEI's positive reversal trend.
Meanwhile, the RSI index is also approaching the overbought zone, reflecting strong buying pressure.
However, investors still need to be cautious about the possibility of SEI turning back to test the $0.3068 area – especially if the general market sentiment experiences unfavorable fluctuations.
Pudgy Penguins records a clear trend reversal.
The price of PENGU has increased by over 8% in the day, bringing the total increase in the last 24 hours to 24%, while reclaiming the important psychological threshold of $0.020. This recovery momentum is not only surprising but also exceeds the 50% Fibonacci retracement level at $0.01609 — established from the sharp drop from the peak of $0.07000 on December 17 to the bottom of $0.00370 on April 7.
Generally, crossing the 50% Fibonacci level is seen as a sign that a reversal trend is forming. If the upward momentum continues, PENGU may target the next resistance levels at the 61.8% Fibonacci ($0.02277) and 78.6% ($0.03731).
Technical indicators also support the upward trend: MACD and the signal line continue to widen the gap upwards, with no signs of a crossover. The RSI index has now surpassed the overbought zone, indicating that the upward momentum remains strong.
However, in the event of a market correction, PENGU may return to test the support area around $0.01609 – coinciding with the 50% Fibonacci retracement level.
Fartcoin maintains its upward momentum after breaking the descending triangle pattern.
Fartcoin maintains upward momentum after breaking above the descending triangle pattern, marking an important technical turning point. At the time of this writing, this meme coin is forming a Doji candle with long wicks – a signal indicating a tug-of-war between bulls and bears – but still holds a 19% increase since Thursday.
Thanks to the momentum after the breakout, Fartcoin is heading towards the $1.39 threshold – the peak established on June 10. If the daily closing price exceeds this resistance area, it could signal a potential buy, with the next target at $1.56 – the nearest peak on May 23.
Technical indicators continue to support the upward trend. The RSI is currently maintaining at 60 – above the neutral threshold and has not entered the overbought zone, while the MACD records gradually increasing green histograms, indicating that the upward momentum is still being consolidated.
However, if Fartcoin cannot break through the threshold of $1.39 and is rejected here, the scenario of the price returning to test the support zone of $1.17 is entirely possible.