$SEI stable at support $0.15 earlier this week after a sharp decline of nearly 43% from the May peak at $0.27.
📈The subsequent rise is building bullish momentum and a surge in interest in the token triggered by news of stablecoin adoption.
📈Sei continues its upward trend, reaching an intraday high of $0.21 while reclaiming a position above the 50-day Exponential Moving Average (EMA), which is currently at $0.20.
⏩A sharp rise in the Relative Strength Index (RSI) above the midpoint from near the oversold region indicates a strong bullish grip.
🎯If the RSI approaches the overbought area, the path with little resistance will remain upward, increasing the chances of Sei reducing losses with resistance at $0.26.
👉Despite the bullish outlook, traders should temper expectations, especially with the 100-day EMA resistance around $0.21. Failure to break through this obstacle could disrupt the bullish structure, which may reflect a lackluster sentiment in the broader crypto market and potential profit-taking actions.
