Key Takeaways
- SEI’s price has broken above a descending channel and confirmed a bullish crossover.
- On-chain data shows that trading volume hit $222 million, the highest since February.
- The AO is positive, and the MFI has surged, supporting a potential move toward $0.25.
SEI, the native coin of the Sei Network, has triggered its first bullish crossover in nearly two months.
Within the last seven days, the SEI coin price has increased by 15%, with most of these gains occurring in the past 24 hours.
As a result, the cryptocurrency’s value has climbed back to $0.20. While it remains far below its yearly highs, historical data reveals that the rebound may not be over.
Here is why SEI’s price has outperformed many altcoins and will likely trade higher in the coming weeks.
SEI Smashes Descending Channel
Outside of the technical outlook, demand for SEI increased after the project disclosed that the Wyoming Stable Token Commission has selected it as a candidate blockchain for WYST.
For context, WYST is the first U.S.-state-fiat-backed stablecoin. Further details revealed that the stablecoin will be deployed using LayerZero’s interoperability protocol. This move also triggered a spike in the price of LayerZero’s native cryptocurrency, ZRO.
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Following the move, SEI’s price broke above a descending channel that had been present since May 11. This breakout triggered a bullish crossover—SEI’s first since April 11.
The last time SEI witnessed this bullish crossover was when the 12-day EMA (blue) crossed above the 26-day EMA (orange) on the MACD. A month later, SEI’s price had surged 80%, rising from $0.15 to $0.27.
Trading Volume Supports Uptrend
With a similar crossover confirmed, history may set the stage for another strong rally. If price action mirrors past behavior, SEI could be on track for another substantial upside move.
Like the price, SEI has experienced a notable spike in trading volume. According to on-chain data, volume has climbed to $222.34 million, marking its highest since February 25.
This volume surge validates the current breakout’s strength, as rising volume alongside price gains typically signals genuine market interest and strong buying momentum.
SEI Price Analysis: Bullish
SEI’s technical setup on the 4-hour chart is also bullish. As seen in the image below, SEI’s price has broken above the upper trendline of a falling wedge, printing six consecutive candlesticks in the process.
The Awesome Oscillator (AO) reading has also turned positive. This indicates that the momentum around the cryptocurrency is bullish. If sustained, this could give way to a new monthly high.
In addition, the Money Flow Index (MFI) has risen to 96.71, indicating rising buying pressure. Should this trend continue, bulls might push SEI’s price to $0.25 near the 0.236 Fibonacci level.
On the other hand, if sellers outpace bullish dominance, this prediction might not pass. In that scenario, SEI could drop to $0.18 or as low as $0.16.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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