SEI Continues December Rise With Yet Another All-Time High

The SEI price has increased swiftly since November and reached a new all-time high yesterday.

The rally has been especially rapid since December 19, leading to six bullish daily candlesticks in eight days.

SEI Moves Above $0.50

The SEI price has increased since falling to a low of $0.094 on October 19. The upward movement accelerated on November 22, causing a breakout above the previous all-time high region.

Afterward, the SEI price created another higher low on December 18 and reached a new all-time high of $0.537 yesterday. The altcoin has fallen slightly since the high.

SEI/USD Daily Chart. Source: TradingView

The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite.

Despite the price decrease, the RSI is still bullish. The indicator broke out from its bearish divergence trend line and moves upward.

SEI Price Prediction: When Will Price Reach $1? 

Cryptocurrency traders and analysts are bullish on the future SEI price trend. Both Nebraskangooner and CryptoTony noted the breakout above the previous all-time high and ensuing retest to suggest that the upward movement will continue.

SEI/USDT 3-Day Chart. Source: X

However, they did not give a target for the ensuing increase.

Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.

The wave count suggests that the SEI price is in wave three of a five-wave upward movement, which has extended. The sub-wave count is given in black.

The altcoin can reach the next target at $0.58 if the increase continues. This is 25% above the current price. Afterward, a close above it can lead to an increase of 75% to the next resistance at $0.81, giving wave three 2.61 times the length of wave one.

SEI/USDT Daily Chart. Source: TradingView

Despite this bullish price prediction, a strong rejection at the $0.58 area will mean the top is in. The SEI price can fall by 20% to the $0.37 support area in that case.

For BeInCrypto’s latest crypto market analysis, click here.

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