- 1 Sei crypto surged over 10% intraday and was trading close to $0.559 at the time of writing.
- 2 The daily chart indicates a breakout above the trendline resistance of a previously established descending triangle pattern
Sei crypto captured the market’s attention with a robust surge of over 10.21%, emerging from an interesting pattern. The broader market sentiments are high which has helped the crypto gain from grounds.
Moreover, the breakout marks the end of a correction phase and it might be a golden time for the investors to ride the wave. It’s crucial to examine if this breakout is underpinned by a rise in demand and to anticipate the short-term prospects for Sei. Let’s delve into a technical analysis to unpack these developments.
Weighted Sentiment Curve Analysis
Sei crypto has seen a remarkable surge, climbing over 10.21% intraday. The current market trend is firmly in the bulls’ grasp, suggesting potential further gains by the end of the trading session. At the time of writing, SEI was hovering close to $0.559 with a live market capitalization of $1.64 Billion.
In addition, there has been significant development in the overall sentiments. According to data from the financial analytics platform app.santiment.net, the weighted sentiment curve has breached the neutral threshold and entered bullish territory. It indicates a shift in the overall sentiment of the investors towards the positive side.
The sentiment curve serves as a barometer for the collective mood of investors. if the weighted sentiment curve rests above the zero line it indicates a positive sentiment and vice versa.
Sei Crypto: Bulls Eyeing $0.75 as the Next Major Hurdle?
The massive intraday surge in the Sei price has helped the crypto break out of a correction phase and shift its course towards a bullish side. This upward movement is further validated by a substantial 133.20% increase in intraday trading volume, lending credence to the breakout.
Earlier, the Sei crypto lost traction in the mid march and declined sharply after suffering rejection from a psychological level of $1 thus entering a correction phase. Subsequently, a descending triangle pattern emerged on the daily chart.
The breakout of the descending triangle pattern suggests a shift in market dynamics favoring the bulls. The short term traders and investors may target the $0.75 as the next major profit booking levels.
Conversely, any closing below the intraday low could invalidate the breakout scenario, potentially causing the Sei price to retreat and find support around the $0.5 and $0.45 price points.
Conclusion
Sei (SEI) crypto surged over 10.21% breaking out of an ascending triangle pattern. The breakout marks the end of a correction phase. The investor sentiment has turned positive, as shown by the weighted sentiment curve crossing above zero on a financial website app.santiment.net.
Moreover, the breakout is supported by a 133.20% rise in intraday volume inflow. The breakout from a descending triangle pattern suggests a bullish trend, with $0.75 as the potential next profit level. However, falling below the intraday low could negate this, pushing support to $0.5 or $0.45.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.