The cryptocurrency SEI continues to gain traction following a bullish breakout from a falling wedge. This fundamental technical signal is reflected in the current price dynamics and trading volumes in the market.
Breakout from the Falling Wedge
SEI has recently broken through the resistance level, forming a falling wedge that is traditionally seen as a bullish signal. Prices revisited the breakout zone at $0.190 and have since bounced back to around $0.2065. This movement reflects a 3.46% increase, indicating further upward potential. Analysts noted that a similar pattern in May led to a 56.64% rally.
Resistance Levels and Short-Term Price Structure
SEI formed a bullish falling wedge on the daily chart that has now broken upwards. The current price is consolidating in a short-term range between $0.2058 and $0.2303. The lower boundary reflects the previous candle's low, while the upper range acts as resistance. Minor support is seen at $0.2058, with stronger support at $0.1890. A rejection at $0.2303 could lead to a pullback, but analysts suggest a clean break above this level may confirm further upside.
Price Gains as Market Volume Increases
SEI surged by 16.5% within the last 24 hours, reaching a high of $0.2326. This move coincided with a 22.94% increase in trading volume, which reached $341.6 million. The market capitalization rose to $1.29 billion, tracking the price increase closely with a 16.48% gain. SEI has a fully diluted valuation of $2.32 billion, with a total supply of 10 billion tokens and a circulating supply of 5.558 billion.
The current price movements of SEI indicate potential for further growth; however, analysts emphasize the importance of maintaining levels above $0.190 for a sustained bullish outlook.
