Amid the current market clampdown, SEI shows strength following a daily surge since Tuesday. While signalling a trend shift, the market structure appears bullish on the day as it forms a double-bottom pattern. Following market ups and downs since the start of the second quarter, SEI finally found solid ground and regained strength on the daily chart. This came after reestablishing support above the $0.15 level earlier this week, and as we can see, the price resurged and increased consistently until it crossed over a month resistance line yesterday. While this signals a trend shift, the crypto is steadily gaining traction daily. Considering the latest price actions, we can say the bulls are back in control on the daily chart. A daily surge above $0.28 should confirm a neckline breakout of the double-bottom pattern before rallying hard on the short-term scale. The reverse would be the case if it dips below April’s low. Meanwhile, it is important to note that the crypto market is surrounded by a negative sentiment due to the recent drop in Bitcoin’s price. If SEI follows suit, it may take a downturn until it finds solid ground for a rebound. As of now, it shows signs of bullishness on the daily chart. SEI’s Key Levels To Watch Source: Tradingview The main obstacle for the bulls right now is the $0.274 resistance level. Overcoming it should validate a breakout to $0.347 – February’s high – and potentially $0.434. In case of a pullback, SEI may retest the $0185 level (coincides with the broken resistance line) as support before rebounding. The main holding support levels are $0.159 and $0.13. Key Resistance Levels: $0.274, $0.347, $0.434 Key Support Levels: $0.185, $0.159, $0.13 Spot Price: $0.22 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
