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After a prolonged period of growth, cryptocurrencies have entered another phase of consolidation. Constant increases are not typical in the crypto world, and even during bull seasons, corrections are seen. So, what are the current predictions for the popular cryptocurrencies AVAX and SEI?
Avalanche (AVAX) Coin Analysis
At the time of writing, the AVAX price is at $31. Last week, we discussed the potential for declines in many cryptocurrencies and highlighted important support levels. For AVAX, $31 was a critical area, and the price has now reached it. With Bitcoin starting to breach the $40,400 support level again, altcoin investors have started to take action to protect their gains.
Profit-taking has pulled the cumulative value of cryptocurrencies down to $1.58 trillion. Regular readers will remember that we shared the above chart last week. We had written that failing to surpass the resistance line meant the middle ground was lost and the base support could be tested.
The price did not find support and the performance of BTC has had a significant impact. If the decline continues, AVAX Coin investors may see the price drop back down to the $21 threshold. Closures below $31.5 could pave the way for further declines.
In the opposite scenario, if the $35 region turns back into support, the $41 and $50 levels could be reclaimed. For now, the general market sentiment suggests there is less resistance downwards.
SEI Coin Price Predictions
At the beginning of January, altcoins saw massive peaks. The cumulative value of cryptocurrencies reached $1.8 trillion. The SEI Coin price had reached its all-time high of $0.88 at that time. Although it attempted to break upwards again after a short decline, it formed a double top.
The downward formation brought with it a bottom of $0.61. Currently, SEI is at the $0.63 Fibonacci support area, and if the decline continues, it could fall to $0.47, a 23% loss. However, if a strong bounce starts from the current support, the ATH region could be retested with a 40% increase. Although cryptocurrencies are full of surprises, the environment does not seem very conducive for such a strong rebound at the moment.
