As traders remain largely vigilant, the crypto markets have rebounded significantly following the Fed rate cuts. Bitcoin reclaimed the crucial resistance at $62,000 and is approaching $62,500, an important milestone to maintain the bullish trend. Meanwhile, a couple of altcoins like Sei and Sui have been displaying immense strength, intending to reclaim pivotal resistance levels before the end of the month.
Sei (SEI) Ready for a Parabolic Recovery
The SEI price has faced over a 75% plunge since the start of the year, dropping from the $1 milestone to $0.2. Since then, the token has failed to rise above $0.4, raising the possibility of reclaiming the yearly highs at $1. The rise in volume suggests that bulls may hold significant dominance for the rest of 2024. The SEI price tested and rebounded from the support zone between $0.22 and $0.24 multiple times since July. However, the latest upswing has triggered a rise above the descending resistance; if it sustains above this range, the SEI price could increase by over 30% this week.
Sui (SUI) Prices Poised for Upswing
The SUI price reached new highs above $2 during Q1, at the time when Bitcoin hit a new ATH of $73,750. Similar to the previous rally, the SUI price is again undergoing a parabolic recovery, and recent upswing has increased the levels from local lows. The price has triggered a double-digit upswing and is believed to form a new ATH soon.
Future Outlook
Therefore, the SUI price may experience a minor plunge close to $1.25, potentially triggering a significant rally along the curve. This rally acts as major support throughout upcoming weeks, marking new highs.
Crypto markets continue to surprise with their dynamic behaviour, swiftly reacting to financial policy changes, like the recent Fed rate cuts. This underscores the importance of monitoring various factors to understand future market movements.
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