With Bitcoin prices holding steady above the $63,000 mark, the crypto market continues to show a strong bullish recovery. Recent developments in the Decentralized Finance (DeFi) ecosystem have brought SEI cryptocurrency into the spotlight.
SEI Price Growth
Amid increased market volatility, the SEI price has jumped 10.64% within the past day with a trading volume of $236.55 million. Over the past week, it has surged 29.67%, and has seen a 35.97% rise over the past month. TradingView: SEI/USDT shows a significant uptick in trading activity. With a circulating supply of 3,524,861,111 tokens and a market capitalization of $1.35 billion, SEI holds the 54th position in the global cryptocurrency market.
2024 Price Forecast
If the market continues to gain momentum, the SEI price could breach its resistance level of $0.40 and aim for its upper level of $0.6015. Maintaining the price at that level will set the stage for this altcoin to test its upper high of $0.78. On the other hand, a bearish reversal could push the SEI token price towards its critical support trendline of $0.22 in the upcoming weeks.
Factors Affecting SEI Price
The Simple Moving Average (SMA) has displayed a bullish convergence in the 1-day time frame. This indicates an increase in buying pressure over selling for the altcoin in the market. Additionally, the MACD indicator records a constant rise in the green histogram, with its averages showing a steady uptrend. This suggests a positive outlook for the SEI crypto price in the near future.
Overall, the price of SEI demonstrates bullish trends amid growing interest in the cryptocurrency. Positive technical indicators and market conditions may contribute to further growth.
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