SEI experienced substantial gains during the recent relief rally and showed signs of a potential upward trend. The primary layer altcoin successfully converted the $0.28 short-term supply zone into a support level, maintaining consolidation below $0.30 for the past two days.\u00a0<\/p>\n
Witnessing a 15% increase earlier in the week, SEI surged from $0.25 to $0.30. The question now remains: Can the bullish momentum be sustained?<\/p>\n
Throughout Q3, SEI exhibited a consistent price action trend, with each downward movement being reversed at $0.25 in July, August, and September, solidifying it as a crucial support level during the third quarter.\u00a0<\/p>\n
In the prior two rallies from this support level, SEI aimed for $0.35, resulting in a notable 35% increase after surpassing the $0.30 barrier (highlighted in red).\u00a0<\/p>\n
Current market trends bear resemblance to the past two Q2 patterns, as the early-week recovery already delivered a 15% boost to SEI. Nevertheless, as of the latest update, the $0.30 obstacle is yet to be overcome.\u00a0<\/p>\n
Technical indicators on the chart suggest a potential move towards $0.35, with the RSI (Relative Strength Index) indicating room for extension as it stays below overbought levels.\u00a0<\/p>\n
If the Q3 trend continues, prospective SEI investors might consider entry positions upon a breakout retest at $0.30. Initial targets would be set at $0.35 and $0.39.\u00a0<\/p>\n
However, a dip below the Q3 support could negate the optimistic outlook outlined above.\u00a0<\/p>\n
Artemis data highlighted a significant rise in daily active addresses within the Sei network since early September.\u00a0<\/p>\n
The metric surged from below 25K to over 55K in recent days, indicating increased network activity that could potentially drive the price recovery.\u00a0<\/p>\n
On a daily basis, SEI saw a 5% increase in value on Friday, accompanied by an 8% rise in open interest rates (OI) and a 41% surge in trading volume across the derivatives market.\u00a0<\/p>\n
These statistics revealed a substantial influx of liquidity into SEI from speculators anticipating further price uptrends. Market sentiment remained predominantly bullish, with long positions dominating at 52%.\u00a0<\/p>\n
Nevertheless, any sudden downturn in Bitcoin’s performance could negatively impact SEI, potentially challenging the bullish narrative.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
SEI experienced substantial gains during the recent relief rally and showed signs of a potential upward trend. The primary layer altcoin successfully converted the $0.28 short-term supply zone into a support level, maintaining consolidation below $0.30 for the past two days.\u00a0 Witnessing a 15% increase earlier in the week, SEI surged from $0.25 to $0.30.<\/p>\n","protected":false},"author":1,"featured_media":22958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-22956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/22956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=22956"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/22956\/revisions"}],"predecessor-version":[{"id":22962,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/22956\/revisions\/22962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/22958"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=22956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=22956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=22956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}