SeiLong
apid ascent triggered a significant momentum
SEI experienced an extraordinary rally, surging nearly 1000% from Q4 2023 to Q1 2024, peaking at $1.1455. However, this rapid ascent triggered a significant sell-off, causing the SEI coin price to drop and form a descending channel. This decline established a support level at $0.2500, a price point that had previously attracted 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 emerged from the demand zone, resulting in a 125% growth.
The recent intraday surge pushed SEI's price beyond the 200-day EMA bands. With this sustained confidence, a proper change of character (ChoCH) beyond $0.4150 and the 200-day EMA has been achieved. If the bullish momentum continues, SEI's price could rise to $0.6000, with further targets at $0.7800 and $0.9600.
Conversely, if the intraday momentum fades, SEI might consolidate above the 200-day EMA. However, failing to maintain this dynamic support could raise more concerns.
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 emerged from the demand zone, resulting in a 125% growth.
The recent intraday surge pushed SEI's price beyond the 200-day EMA bands. With this sustained confidence, a proper change of character (ChoCH) beyond $0.4150 and the 200-day EMA has been achieved. If the bullish momentum continues, SEI's price could rise to $0.6000, with further targets at $0.7800 and $0.9600.
Conversely, if the intraday momentum fades, SEI might consolidate above the 200-day EMA. However, failing to maintain this dynamic support could raise more concerns.
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