The cryptocurrency SEI has recently broken out of a falling wedge, indicating a potential new bullish cycle.
Breakout of Falling Wedge
SEI had been trapped in a falling wedge for an extended period, showing consistent lower highs and lower lows, classic signs of a downtrend. However, a recent breakout suggests the onset of a potential bullish trend.
Technical Analysis and Support Levels
For the breakout to be validated, SEI must establish a higher low, ideally near the 0.618 Fibonacci retracement. This area is a key support level where bullish momentum could resume if buyers take action.
Future Projections
If SEI can hold this higher low, it opens up the potential for an 80% upside from current levels. Careful monitoring of volume is essential, as an increase would support a bullish scenario, while a lack of volume could signal a failed breakout.
SEI is at a critical juncture, and successful holding at the Fibonacci level may confirm a new bullish trend, while failure could lead to a return to previous lows.
