Can SEI Price Shoot Higher Towards $1 Or Beyond?

Sep 19

SEI experienced a remarkable rally, growing nearly 1000% from Q4 2023 to Q1 2024, reaching a peak of $1.1455.

However, this surge led to a significant sell-off, causing the price to plummet and form a descending channel. The decline established a support level at $0.2500, which had previously shown buying interest earlier in the year.

Throughout Q3 2024, SEI's price struggled to break above the 20-day and 50-day EMA bands, leading to a period of consolidation. By mid-Q3 2024, around August 5th, a bullish presence began to emerge from the demand zone, resulting in a 65% growth.

The recent intraday surge, fueled by optimism from the FED report, pushed SEI's price beyond the EMA bands, which now support the momentum.

Despite this surge, sustained confidence will depend on a proper change of character (ChoCH) at $0.4150 and the 200-day EMA. If achieved, SEI's price could rise to $0.6000 in the short term, with further targets at $0.7800 and $0.9600.

Conversely, if the intraday momentum fades or fails to confirm the ChoCH, the price may retract to the demand zone and continue consolidating.