SEI crypto price keeps gaining momentum despite a 52.88% gain this month. There seems to be strong demand for the cryptocurrency as the trading volume keeps on increasing. In the past 24 hrs, $437 million worth of SEI tokens have changed hands which is one of the highest trading volume for any altcoin.
If we ignore the bot-driven price action that occurred on SEI listing day, the coin has hit an all-time high. While there could be more upside in the coming days, the indicators are screaming for a pullback. With the help of advanced technical analysis we can try to figure out entry points in case of a pullback.
On Tuesday, Bitcoin price had a surge till $43,422 but it corrected after making fresh weekly highs. As a result, the leading digital asset stood at 42,365 at press time. Despite a drop in Total 2 market capitalization, SEI crypto was the pick of altcoins with 21% gain on the same day.
Even though, the SEI Network’s native asset’s price has been up almost 50% this month, there is no significant increase in the total locked value (TVL) on the network. This shows that the price increase is not due to the network growth but for some other reason.
One major reason behind the ongoing pump in SEI token is the fact that it is one of the newest Layer 1 protocols. Therefore, many crypto investors are betting on the new smart contract protocols anticipating good returns after next year’s Bitcoin halving.
On the daily timeframe, SEI crypto price prediction is looking very bullish. After a breakout above $0.30 resistance, the bulls are targeting the 1.618 fib retracement level of $0.3822. In case of bullish continuation, price may extend further upward toward 2.618 fib level which lies around $0.483.
This post was last modified on Dec 19, 2023, 17:08 GMT 17:08