Is #SEI/USDT Heading for a Bullish Continuation or a Pullback

$SEI

The SEI/USDT pair is currently trading around 0.3575, showing a recent strong bullish move after bouncing off the support level at 0.3063. The price has moved above the 200-period Simple Moving Average (SMA) at 0.2992, suggesting a potential trend reversal from bearish to bullish. The Volume-Weighted Average Price (VWAP) is at 0.3361, below the current price, indicating bullish momentum.

The Relative Strength Index (RSI) is at 68.83, nearing the overbought zone, which signals strong buying pressure but also suggests caution as the price approaches overbought conditions. The MACD shows a bullish crossover with the MACD line above the signal line and a positive histogram, reinforcing the bullish sentiment.

Bullish Scenario:

If the price sustains above the immediate resistance at 0.3575 and breaks the next key resistance at 0.3800, it could lead to a continuation of the bullish trend. This move would confirm a breakout above the long-term resistance, potentially targeting the 0.4000 psychological level.

Bearish Scenario:

Conversely, if the price fails to break above the 0.3575 resistance and starts declining, a drop below the support level at 0.3361 could signal a bearish reversal. Further downside could lead to testing the support at 0.3063, and a break below this level could resume the bearish trend.

Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any trading decisions.

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