Sei Price Prediction: A bounce from here could signal a bullish trend for SEI

Sei price is holding above critical support at $0.4732 based on recent price action
SEI could rise to $0.8000 amid rising momentum and two buy signals in the works.
A break and close below $0.4000 would invalidate the bullish thesis.

Sei (SEI) price is nurturing a recovery rally after a fall of nearly 40% starting April 9. With the SEI bulls defending against further downside, the altcoin could be primed for a growth in bullish momentum.

Also Read: SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI could rally 40% if altcoins show strength

Altcoins could have their rally now that the Bitcoin halving has concluded. For the Sei price, this could mean a climb of around 38% as bulls defend against further downside. On the 1-day timeframe, the altcoin is at a make-or-break support level of $0.4732 based on recent price action. A bounce from here could signal a bullish trend ahead.

If the SEI bulls can muster enough strength to stay above this support zone, it would provide a good jumping-off point for the Sei price to keep the momentum going. Already, the altcoin has flipped the 200-day Simple Moving Average (SMA) into support, with eyes now set on the $0.8000 target. Such a move would denote a climb of almost 38% above current levels. To get here, however, the bulls must overcome the resistance confluence between the 100- and 50-day SMA at $0.7554 and $0.7647 respectively.

Notice also that both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are flirting with a confirmed bullish cross over above their respective signal lines, interpreted as buying signals.

In a highly bullish case, the Sei price could shatter the $0.8000 blockade, extending the gains to tag the $1.0000 psychological level, or in a highly bullish case, reach to reclaim the $1.1450 range high.

SEI/USDT 1-day chart

On the other hand, if bulls begin to cash in on the nearly 20% gains made over the past four days, the Sei price could drop. A daily candlestick close below the $0.4000 psychological level would invalidate the bullish thesis.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.