Newton Gitonga
Altcoins recorded notable upswings this week as Bitcoin’s neutral trend –range-bound around $96K – cemented bets of an altcoin season.
SEI joined the uptrend wave, gaining nearly 10% on its seven-day chart.
Sei trades at $0.7075, with a daily low and high of $0.6347 and $0.7153.
Meanwhile, optimistic ecosystem developments have added to SEI’s momentum within the past day.
The layer1 blockchain has partnered with one of the leading non-fungible tokens platforms, Magic Eden, to enable seamless NFT trading.
The moment you’ve all been waiting for is here.
Sei NFTs are now officially live on @MagicEden. This marks a major milestone, driven by the relentless efforts of the Sei community.
Explore Sei NFTs on Magic Eden today: magiceden.io/sei
According to web3 enthusiast Vishnu The Greatest:
Sei users will now be able to access, buy, and sell NFTs from various projects without switching platforms.
This unified approach means more liquidity, less friction, and a vibrant NFT ecosystem on Sei.
Amidst significant uptrends in the crypto market, the NFT developments contributed to SEI’s 13% jump to the $0.7153 daily peak.
Sei price actions – a possible move past $1
SEI has presented impressive performances lately, gaining over 100% within the past month to hit levels not seen since April.
Moreover, its price actions have printed an expanding channel setup on the daily chart, and SEI traded within the pattern since August.
The altcoin trades at $0.7075, with a 55% surge in trading volume suggesting significant trader optimism.
Also, technical indicators highlight buyers in control.
The Relative Strength Index at 60 shows SEI is yet to hit the overbought territory.
That confirms more room for gains before potential dips.
Further, its average trendline experiences a bullish convergence, opening the doors for more Sei gains this week.
The 4-hour Moving Average Convergence Divergence supports the bullish narrative.
The MACD line is well above the signal line, highlighting buyer dominance.
The solid green histograms testify to that.
Furthermore, the Chaikin Money Flow (on the 1-day timeframe) shot from 0.23 on December 1 to 0.39 at press time.
That shows substantial cash entering the SEI ecosystem, signaling investor confidence in the alt’s future performance.
SEI price could retest the channel pattern’s resistance if the broad market retains the prevailing optimism.
Further uptrends would see the altcoin soaring to its yearly peak of $0.86.
That would open the path for $1 per SEI, which would mean a 41.32% increase from current prices.
Contrarily, sudden selling pressure could see SEI retesting the support barrier at $0.6015.
Intensified bearish sentiments would drag the token towards the lower foothold at $0.4085.
Meanwhile, the current trends support bullish performances.
Increased attention in sectors such as NFTs amidst bull runs suggests extended rallies for the crypto market.
Also, alts have outperformed Bitcoin in the past few sessions, confirming that the crypto space might be in an altcoin season.
Such narratives highlight impending explosive moves, which would see the likes of SEI flying to their targets.
Renowned analyst Michael van de Poppe urges crypto investors to perceive any altcoin crash as a dip-buying opportunity.
If corrections happen, and they will, and a flash crash is likely to happen inducing a massive liquidation crash across #Altcoins.
Don’t panic.
Use those as an opportunity to get into the markets.
They are a blessing.
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