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SEI and SUI are two high 50 altcoins that reached new all-time highs at the present time.
While SUI has increased parabolically, SEI is struggling to entire above the outdated all-time excessive resistance dwelling. Will it discontinuance so?
SUI Parabola Results in Original All-Time High
The SUI ticket has increased alongside a parabolic ascending strengthen vogue line since October 2023. The vogue line has been validated quite loads of instances, most unbiased no longer too long in the past on January 23, 2024 (green icon).
Since then, SUI has accelerated its rate of make bigger even further. Today, the altcoin reached a new all-time excessive of $1.97. Furthermore, the Relative Energy Index (RSI) gives a obvious reading.
When evaluating market circumstances, merchants utilize the RSI as a momentum indicator to resolve whether a market is overbought or oversold and whether to acquire or sell an asset.
If the RSI reading is above 50 and the vogue is upward, bulls silent hang an serve, but if the reading is below 50, the opposite is accurate. The RSI is above 50 and rising both bullish indicators.
If the upward circulate continues, the next resistance is 15% above the most recent SUI ticket at $2.20. It’s created by the 1.61 exterior Fib retracement of the outdated fall.
Despite this bullish SUI ticket prediction, a breakdown from the parabola can trigger a 28% fall to the closest strengthen at $1.40.
Can SEI Tag Attain a Shut Above Resistance?
The SEI ticket has increased impulsively since December 2023. The upward circulate resulted in an all-time excessive of $0.88 on January 4, 2024. Later on, the ticket began keen downward, validating the $0.85 horizontal dwelling as resistance.
The downward circulate stopped on January 23. After rising a better low on February 7, the altcoin accelerated its make bigger and broke out from the $0.85 dwelling at the present time, reaching a new all-time excessive of $0.90.
The RSI is rising and keen above 70, both indicators of a bullish vogue.
The wave depend also suggests the make bigger will proceed. Utilizing the Elliott Wave theory, technical analysts research long-time duration ticket patterns and investor psychology that recur to resolve the direction of a vogue.
The in all likelihood depend means that SEI is in the fifth and closing wave of its make bigger, which could culminate with a excessive advance $1.08, 26% above the most recent ticket.
Despite the bullish SEI ticket prediction, a rejection from the $0.85 dwelling can trigger a 32% fall to the closest strengthen at $0.60.
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Per the Belief Project pointers, this ticket diagnosis article is for informational purposes simplest and isn’t all the time going to be view to be financial or funding advice. BeInCrypto is committed to accurate, just reporting, but market circumstances are self-discipline to change with out gaze. Incessantly habits your possess research and refer to a expert earlier than making any financial choices. Please teach that our Phrases and Prerequisites, Privacy Protection, and Disclaimers were up to date.
