- SEI breaks out of a falling wedge, signaling a bullish reversal with a potential rally toward $0.29 and beyond.
- Strong support at $0.2100 reinforces bullish momentum, with key resistance at $0.4200 and Fibonacci targets up to $0.750.
- Market structure, double bottom pattern, and momentum indicators align for an upward trend, favoring buyers in the short term.
Crypto analyst Captain Faibik has identified a breakout in SEI/USDT on the daily timeframe. The price has surged past the falling wedge pattern, signaling a potential bullish trend reversal. A 2x rally could be on the horizon, with key resistance levels coming into focus.
SEI Breaks Key Downtrend Resistance
Since November 2024, the SEI has been trading in a declining channel, making lower highs and lower lows. The latest breach above the top trendline, however, suggests that market mood has changed. SEI has recovered from a prior low of $0.165 and is currently trading at about $0.2174. Bullish momentum is now supported by the breakout level of $0.2100, which serves as a solid support.
The price action suggests a potential rally towards $0.29, which represents the next key resistance. If this level is breached, SEI could aim for further gains, aligning with historical resistance at $0.4200. Moreover, Fibonacci levels suggest price targets extending up to $0.750.
Market Structure Supports Bullish Outlook
A Different analysis shows SEI with multiple technical indicators aligning in favor of an upward trend. The recent price action has formed a double bottom pattern near $0.165, further strengthening the bullish case. Additionally, the higher lows and higher highs, confirms a potential trend reversal.
Momentum indicators suggest that buyers are gaining control, pushing SEI beyond its 10-day price range. The breakout from this level signals that the path to higher resistance zones is now open. With increased buying pressure, SEI could witness a strong rally in the coming sessions.
Besides, the presence of harmonic patterns and range-based tools supports the idea of a sustained upward move. The risk-reward ratio also favors buyers, with downside risks limited to $0.165. As long as SEI maintains momentum above $0.2100, the bullish scenario remains intact.
