SEI sharply rose from the 20-day EMA ($0.26) on Thursday and reached the upper resistance of $0.34.
The 20-day EMA, with an upward slope, and the RSI in the overbought zone indicate an advantage for buyers. A close above the resistance of $0.34 could initiate the next leg of the bullish trend towards $0.44.
Immediate support to the downside is at $0.29. If the price drops from $0.34 but finds support at $0.29, this suggests that positive sentiment remains intact. Bulls will attempt again to push the SEI/USDT pair above the upper resistance. Sellers will need to push the price below the 20-day EMA to indicate a reversal.
The four-hour chart shows that the pair has surpassed the range of $0.24 to $0.34, but bulls are struggling to maintain higher levels. The RSI's overbought level suggests a short-term correction or consolidation. If the price rises from the current level or the support at $0.31, bulls will attempt again to push the pair towards $0.44.
Conversely, a break and close below $0.31 could sink the pair to $0.29. This suggests that the pair may remain within the range of $0.24 to $0.34 for some time longer.