The altcoin market has displayed a significant uptrend this week. Despite the market leader, Bitcoin, experiencing a neutral trend, major altcoins have displayed a double-digit surge with some gaining over 100%.
SEI's Rise
Following the strong bullish reversal in the crypto market, the SEI price recorded a massive uptrend in its valuation. This altcoin has doubled in November, reclaiming its April high. It has formed an expanding channel pattern in the daily timeframe and continues trading within it since August. With a market capitalization of $2.73 billion, it has secured the 55th position.
Sei's Technical Sentiments
The Relative Strength Index (RSI) continues hovering close to its overbought range in the 1D timeframe. A positive crossover in its average trendline suggests the SEI price may continue gaining value this week. Further, the Simple Moving Average (SMA) has displayed a positive crossover in the price chart, indicating a bullish outlook for this altcoin in the cryptocurrency market.
SEI Future Projections
If the crypto market continues trading under a positive influence, the SEI price may retest its resistance trendline of the channel pattern. Further, if the altcoin market picks up, this could push the Sei price toward its annual high of $0.86. Conversely, a bearish pullback could result in the price retesting its support level of $0.6015. Moreover, if the bearish sentiment intensifies, this could result in this altcoin retesting its lower support level of $0.4085.
The altcoin market shows significant activity, and the short-term prospects of SEI appear promising. However, investors should exercise caution and closely monitor market sentiments.
