**Sei (SEI) Shows Signs of Recovery After Breaking Major Descending Trendline**
Sei (SEI) recently broke above a significant descending trendline, holding strong at the $0.20 support level after several weeks of decline. The token gained 4.4% in the past 24 hours and is currently trading at $0.2055, with a market capitalization of $1.27 billion, ranking it 99th globally.
Daily trading volume surged to $87.42 million, marking a 46.61% increase from the previous day. With an available supply of 6.24 billion tokens, SEI has posted a 5.63% increase over the past week, indicating renewed interest from traders.
**Technical Analysis Indicates Potential Bullish Momentum**
Technical indicators shared on social media highlight that SEI has successfully broken above the major descending trendline that had been pressuring the token. The cryptocurrency is consolidating above the $0.18 support zone, a key demand area in recent trading sessions. Analysts suggest that maintaining this support could pave the way for SEI to test higher resistance levels.
Initial resistance targets are set at $0.2106 and $0.2285, with potential extensions toward the $0.24 to $0.2503 range should buying pressure continue. The price chart reveals SEI forming higher lows following a steep decline earlier in October, a pattern often signaling a potential reversal from bearish to bullish sentiment.
**Technical Indicators Point Toward Recovery**
– The Relative Strength Index (RSI) currently stands at 39.33, recovering from oversold conditions. It has crossed above its moving average at 33.63, implying weakening bearish momentum, though it remains below the neutral 50 mark. A confirmed recovery would require RSI to climb above 50 alongside rising daily closes.
– The Moving Average Convergence Divergence (MACD) indicator shows the MACD line at -0.0224, approaching a crossover above the signal line. The MACD histogram has turned slightly positive at 0.0018, suggesting that momentum might be shifting in favor of buyers.
**Analyst Targets and Price Projections**
Crypto analyst Profit Demon identified a descending channel pattern on the three-day chart, a formation often leading to breakout phases. The analyst projects resistance targets at $0.27, $0.36, $0.52, and $0.74 should the bullish cycle continue, with momentum indicators hinting an accumulation phase may be underway.
Price predictions for 2025 vary widely depending on market conditions:
– **DigitalCoinPrice** forecasts the token could reach $0.45 by year-end, expecting stabilization between $0.40 and $0.45 in the medium term.
– **Changelly** offers a more conservative view, projecting a minimum price of $0.154, a maximum of $0.177, and an average of $0.199 during 2025.
Currently, SEI is consolidating between $0.19 and $0.20. Sustained trading above this range could open the path toward the $0.22 resistance level, while a breakdown below $0.19 may trigger renewed selling pressure.
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Overall, Sei (SEI) is showing promising signs of recovery after a challenging period and could be poised for further gains if it maintains support levels and buying momentum continues. Traders and investors should monitor key technical indicators and resistance targets to gauge the token’s next moves.
https://coincentral.com/sei-price-token-breaks-descending-trendline-as-momentum-builds/
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