Cryptocurrency Sei (SEI) has entered a strong recovery rally following a roughly 40% drop since April 9. As SEI bulls fight against further declines, an increase in the altcoin’s upward momentum could occur. This situation gives hope to SEI investors. So, what levels should be watched at this point?
Rally Expected in Altcoins Following Bitcoin Halving Completion
Bitcoin halving is now behind us, which could potentially lead to a rally in altcoins. This situation indicates a possible 38% climb for the cryptocurrency SEI, while a strengthening in altcoins could lead to up to a 40% rise for SEI.
Short-term analyses show that the altcoin has broken out from the $0.4732 level according to its recent price movement. A bounce from this point could determine a future upward trend. At the time of writing, this bounce had already occurred. SEI price has reached the $0.58 level.
Targeting $0.8
Altcoin SEI bulls, if they can gather strength above this support region, could provide a significant bounce point to continue SEI’s momentum. Additionally, the altcoin’s 200-day Simple Moving Average (SMA) has turned into support. Moreover, targets are now set towards $0.8000. However, to reach these levels, bulls need to overcome the resistance congestion between the 100 and 50-day SMAs.
Indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are giving signals that confirm the bullish trend. These signals suggest that in a high bullish scenario, SEI could break the $0.8000 resistance and extend gains up to the $1 psychological level, and even reach the $1.1450 range.
2x Potential for Altcoin SEI
However, if bulls start to cash in on their 20% gains over the last four days, the altcoin SEI price could drop. A daily candlestick closing below the $0.40 psychological level would invalidate the bullish scenario.
SEI investors would benefit from considering the recent rise. The indicated $1.14 target is not impossible. Because SEI has previously reached this price as a peak. Now, this peak needs to be surpassed. If an altcoin season occurs, surpassing this peak is likely. Therefore, if it reaches the levels mentioned in the analysis, we can say that SEI could have at least a 100% increase potential.
