The SEI price has increased since falling to a low of $0.202 in August. Shortly afterward, it broke out from a descending resistance trend line that existed for 217 days. Breakouts from such long-term resistances often indicate that the correction has ended.
Then, SEI confirmed this by moving above the $0.40 horizontal area and validating it as support this week (white icon).
If SEI continues to increase, the next resistance will be $0.60. This is the final horizontal resistance area before an all-time high.
Technical indicators show bullish signs, but they have not confirmed the breakout yet. The Relative Strength Index (RSI) is increasing but is still at 50, while the Moving Average Convergence/Divergence (MACD) is trending upward but is below 0.
Upward Movement Brewing?
While the price action and indicator readings are not decisive, the wave count gives an extremely bullish SEI price prediction. The most likely wave count suggests the price completed a five-wave increase and A-B-C correction (black) between October 2023 and August 2024. Then, it likely started another five-wave increase.
If both upward movements have the same length, SEI will reach a high of $1.26 in the current cycle. This would be an upward movement of nearly 210% from the current price.
Before getting there, SEI will possibly face resistance at the $0.60 horizontal resistance area and the $0.78 resistance created by the 0.618 Fibonacci retracement level. However, the SEI price has likely started to increase in the long term.
SEI All-Time High
The long-term breakout and reclaim of a horizontal area bodes well for the future SEI price trend, indicating that an upward movement toward new highs has started.
The wave count aligns with this bullish reading, suggesting the SEI price will increase by over 200%. Initially, SEI will likely face resistance at $0.60 and $0.78.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
