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Sei Network prediction is bullish amidst a commendable 5% upswing on Wednesday. As Bitcoin price fluctuates in a narrow range between $42,000 and $43,000, investors seem to be piquing interest in small-cap altcoins like Sei. This fast-growing blockchain project stands out as one of the world’s leading sector-specific Layer 1 blockchains for decentralized exchanges (DEXes). Currently, SEI eyes a medium-term target of $1, trading comfortably at $0.83 during US business hours.
Fueled by this price uptick, the market cap of SEI swelled by 3.3% to $1.9 billion, propelling it to the 44th spot among all cryptocurrencies, as per CoinMarketCap. A decisive close above $0.8 on the four-hour chart could pique investor interest, potentially triggering a wave of longs in anticipation of a breakout to $1.
Sei Network Price Prediction: How To Stay Profitable Amid Growing Uncertainty
Sei recently broke above an ascending triangle, bolstering the bullish theory for a brief moment. However, resistance at $0.85 hindered further gains, leading to the first retest of the triangle x-axis S/R at $0.775.
As mentioned, traders would be looking out for a four-hour close above immediate support at $0.8 to affirm the potential for more long positions in SEI. This, coupled with MAs like the 20 Exponential Moving Average (EMA) (blue) and the 50 EMA (blue), catching up to the uptrend, SEI has the potential to close the gap to $1.
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Crypto analysts and traders like @KazTheShadow on X believe that SEI is poised for another major run. However, the trader highlights the bold resistance in this case at $0.85.
$SEI This really looks ready for another run but still under resistance for now so no play for me.
Will like to see a strong pump and then a retest of the box before entering with SL as shown.
Waiting for the trigger now. pic.twitter.com/hj86d2vtmG
— Kaz The Shadow (@KazTheShadow) January 15, 2024
The current neutral RSI of 57 suggests bullish hopes might need a reality check. While it may hold steady for now, further dips below the 50 midline and into the oversold territory could embolden sellers and dampen the recent optimism. This potential retracement would be a stark reminder of the underlying selling pressure lurking beneath the surface.
Traders should tread carefully while keeping key support areas in mind, starting with the triangle x-axis at $0.775. The 20 EMA and the 50 EMA would come in handy if the decline sustains, eyeing the local support at $0.7.
If push comes to shove, although unlikely, based on the prevailing technical structure, the Sei token could sweep liquidity at $0.65 to create the momentum for a rocket rise above $1.
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