The cryptocurrency market is showing signs of recovery following a recent dip, fueled by the latest CPI data release. Bitcoin has bounced back to $97K, spurring altcoin growth.
SEI Analysis
SEI is currently trading at $0.23 and is edging closer to a breakout from its falling wedge pattern. The token recently found support around $0.19, which aligns with the wedge’s lower boundary. A successful breakout and retest could push SEI toward its first resistance at $0.28, which aligns with the 25SMA. If it manages to clear this level, the next potential targets lie at $0.34 and $0.43, signaling a strong recovery. A move to these levels would represent a potential 45% gain from its current price. The MACD indicator is also hinting at a bullish crossover, indicating rising buying momentum.
Pyth Network Overview
Similarly, PYTH is gaining strength, currently trading at $0.21. It recently found strong support at $0.16, which marks the lower boundary of its wedge pattern. If PYTH successfully breaks above its wedge resistance and clears the $0.25 (25SMA) level, it could rally towards $0.28, potentially offering a 40% gain from its current price. Like SEI, the MACD is turning positive, further signaling a potential breakout.
Future Outlook
With both SEI and PYTH approaching key resistance levels, traders should watch for potential breakouts. If Bitcoin maintains its upward trend, it could fuel further rallies in altcoins. However, broader market conditions, especially Ethereum (ETH) and Bitcoin’s dominance, will play a crucial role in determining whether SEI and PYTH can sustain their momentum.
The crypto market is rebounding after the recent drop, showing upward potential in Bitcoin and altcoins. However, macroeconomic factors and market conditions remain critical.
