After breaking a key descending trendline, SEI token shows positive signals, rising above an important support level and its 20-day moving average.
Potential Trend Reversal for SEI
SEI token recently swept its August 2024 lows, triggering stop-loss orders and beginning a reversal. This event led to the formation of a base and a break above the descending trendline. A confirming bullish candle closed above the 1D EMA20, reinforcing short-term momentum.
Key SEI Resistance Levels
For sustained upward movement, SEI needs to break and hold above the $0.3294 resistance. The long-term trend remains bearish as the price is below the 1D EMA200 at $0.3962. Successfully breaking and retesting this level would confirm a macro bullish shift.
Analysis and Conclusions
In the short term, SEI exhibits bullish characteristics, attempting to reclaim lost ground. However, a mid-term bullish trend requires breaking the $0.3294 level. The long-term outlook remains bearish until the price surpasses the 1D EMA200.
SEI is on the verge of a potential macro trend reversal but remains in a zone of uncertainty. Current market conditions suggest traders should watch key resistance levels for assessing potential sustainable growth.
