🐳 $SEI Ignites 50% Weekly Rally — Can Bulls Push Beyond $0.60?
#SEI has risen sharply from its local low and broken through important levels as the market rebounds from the recent drop. Earlier this week, the cryptocurrency rose over 100% after falling 16%.
SEI's price went up and down with the rest of the market last week and touched the $0.15 level again, which hadn't happened since early April. The cryptocurrency got back to the important $0.20 level over the weekend and then jumped about 70% at the start of the week.
Since then, the token has been stuck between $0.24 and $0.29, trying to break over the $0.30 barrier on Friday morning.
Notably, the cryptocurrency is at the top of the list of the top 100 cryptocurrencies, with a 43% weekly increase that beats the performance of Bitcoin (BTC) and Ethereum (ETH), the two biggest cryptocurrencies.
The market observer, on the other hand, thinks that the cryptocurrency might stay in the same range for a little while before resuming its rise until the Q4 2024 levels.
Analyst Nebraskangoone pointed out a four-month inverse Head and Shoulders (H&S) pattern on SEI's chart, saying that it was confirmed following this week's breakthrough. The Bitcoin broke through the neckline of the pattern following Wednesday's price activity. "Anything down to key support would be a solid Destroyer," it said.
The cryptocurrency went back to the $0.27 range and then challenged the neckline again. SEI has to maintain this level for the upward trend to continue. SEI's pricing has stayed at this level even though it closed around $0.25 on Thursday.
Michaël van de Poppe also said that SEI would probably keep going up since there is a "massive" positive divergence on its trading pair with Bitcoin, which means that the price of the cryptocurrency is going down. The expert said that investors may "see 300+ sats soon" based on this.
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