Date: Thu, Dec 19, 2024, 03:16 AM GMT
The cryptocurrency market is grappling with a downturn today, led by Bitcoin's (BTC) 3.63% drop, pushing its price to $100,000—down from its recent all-time high of $108,000. This decline follows market uncertainty stemming from the recent Federal Reserve meeting.
Amid this bearish sentiment, altcoins Sei (SEI) and Sushiswap (SUSHI) have also experienced significant price drops over the last 24 hours.
Source: Coinmarketcap
However the crypto analyst @CryptoNewton has shared his latest analysis, highlighting bullish patterns in both SEI and SUSHI that suggest a reversal could be on the horizon
Sei (SEI):
$SEI has formed a bullish shark pattern, signaling a potential trend reversal. The pattern aligns with Fibonacci retracement levels, with SEI bouncing from the critical D-point near $0.45, acting as key support.
Source: @CryptoNewton (X)
If SEI breaks above immediate resistance at $0.551, it could target $0.739, the 100% Fibonacci extension level.
The RSI has bounced from oversold levels, indicating weakening selling pressure. Smaller candles near the reversal zone suggest that bearish momentum is fading, and the price is aligned with a rising trendline, reinforcing the potential for a rebound.
Sushiswap (SUSHI):
$SUSHI has formed a bullish Gartley pattern, suggesting a potential price reversal. The D-point near $1.59 has acted as strong support, and breaking above the resistance at $2.361 would confirm bullish momentum. The next target for SUSHI is $3.172, offering an 85% upside from the D-point.
Source: @CryptoNewton (X)
Like SEI, SUSHI’s RSI has recovered from oversold levels, signaling increased buying interest. A volume spike near $1.59 supports this, along with the D-point aligning with the 78.6% Fibonacci retracement level, adding strength to the potential reversal.
Market Sentiment and Comparison
Both SEI and SUSHI show reversal potential, but confirmation depends on breaking key resistance levels. SEI must clear $0.551, and SUSHI needs to break $2.361 to target their respective upside levels. Broader market conditions, driven by Bitcoin’s movements and macroeconomic factors, may influence these altcoin recoveries.
Conclusion
SEI and SUSHI are presenting promising bullish setups, but traders should wait for confirmation above key resistance levels before entering positions. While harmonic patterns suggest strong reversal potential, market conditions remain volatile.
Disclaimer: This analysis is for informational purposes only and not financial advice. Always conduct thorough research and consult a financial advisor before making investment decisions.
