SEI Price Shows Bullish Momentum After Breaking $0.20 Resistance

SEI price has recently broken through a crucial resistance level at $0.20, sparking optimism in the market.

The cryptocurrency market has been performing poorly in 2024, with many digital assets struggling to maintain their value. However, some cryptocurrencies have managed to break out of crucial resistance levels, sparking optimism in the market.

One such cryptocurrency is SEI, which has recently breached a key resistance at $0.20. According to several analysts on X, the SEI cryptocurrency price can continue upward and reach levels of $0.30-$0.35.

Recently, the cryptocurrency broke above the $0.20 resistance as it begins a likely bullish rush. According to CryptoMichNL, the SEI/BTC pairing shows strong bullish divergence on higher timeframes, implying that SEI could be positioned towards experiencing major price action.

"Breakout of $0.20 is key, then we can see some higher levels as $0.30 – $0.35 target. BTC pair is also showing nice bullish divergence on higher timeframes. Could be interesting to watch for some major price action."

Key Resistance Level and Technical Indicators

The Relative Strength Index (RSI) indicator, SEI, is currently at 52.34, signaling a neutral market. This implies that SEI has the potential for more gains.

The MACD line is emerging above the signal line and the histogram green bar is also increasing, which indicates an increasingly bullish market.

Meanwhile the CVD indicator is also showing increased buying pressure with green bars and volume is also increasing. More buyers entering positions and the rise in volume contribute to the market’s bullish movement.

This has further been boosted by on-chain metrics, where TVL has grown 10x and has been accompanied by rising DeFi activity on SEI’s platform.

SEI’s Growing U.S. Positioning and Market Engagement

Additionally, SEI continues to establish itself in the U.S. market, which is important for its long-term development. The establishment of the Sei Development Foundation in Manhattan demonstrates SEI’s dedication to complying with U.S. regulatory standards.

Recently, SEI has secured massive investment support from a U.S.-based investor, who has pledged a substantial sum of $775K through World Liberty Finance.

Furthermore, SEI’s on-chain metrics are presenting a positive outlook for the token’s market viability, in contrast to the struggles faced by many other projects. With $400M in total value locked (TVL) and half of the token’s total supply already in circulation.

Its supply is also heavily staked, as 53% of the total supply is being actively used for staking by 62,000+ stakers on the network, presenting positive prospects for the network in the long run.

The penetration is evident in the surge in daily active users (DAUs) and smart contracts on the platform, all reaching all-time highs (ATH). The impressive growth of TVL and the increasing interest of investors in SEI’s platform.

Key Insights:

SEI price has recently broken through a crucial resistance level at $0.20, sparking optimism in the market. According to many analysts, the SEI cryptocurrency price can continue upward and reach levels of $0.30–$0.35.

The recent resistance level break and increased interest from investors suggest that the data may continue an upward trend in the near future.

SEI Price Shows Bullish Momentum After Breaking $0.20 Resistance

However, SEI is a key breakout above $0.20 resistance as it begins a likely bullish rush. CryptoMichNL stated that the SEI/BTC pairing shows strong bullish divergence on higher timeframes, implying that SEI could be positioned towards experiencing major price action. A breakout to $0.20 is the key, enabling some higher levels as a $0.30 – $0.35 target.

BTC is still in a strong downtrend so this would be some serious move for SEI to continue performing so well. Breakout of $0.20 is key, then we can see some higher levels as $0.30 – $0.35 target. BTC pair is also showing nice bullish divergence on higher timeframes. Could be interesting to watch for some major price action.

Market sentiment is shifting positively toward the SEI as the SEI breaks resistance. Those buying pressures and the SEI’s growing interest imply that the currency has a firm foundation for increasing its price. This has further been bolstered by on-chain metrics, where TVL has grown 10x and has been accompanied by rising DeFi activity on SEI’s platform.

Key Resistance and Technical Indicators

The SEI has reached a critical resistance level of $0.20. The asset has maintained this resistance as a barrier for a while, and the recent breakout will likely increase the price.

The Relative Strength Index (RSI) indicator