The cryptocurrency market is showing signs of recovery following a brief decline triggered by the latest Consumer Price Index (CPI) data release. Bitcoin (
$BTC ) briefly dipped to $94,000 but has since rebounded to approximately $97,000, restoring bullish sentiment across the altcoin sector.
Leading altcoins, including Sei (
$SEI ) and Pyth Network (
$PYTH ), are gaining momentum after experiencing a sharp 30% correction over the past month. Both tokens are now approaching critical resistance levels, suggesting the potential for a breakout.
Sei (SEI) Analysis
SEI is currently trading at $0.23 and is nearing a breakout from its falling wedge pattern. The token recently found support around $0.19, aligning with the wedge’s lower boundary.
Key Resistance Levels:
First resistance: $0.28 (25-day Simple Moving Average)
Next potential targets: $0.34 and $0.43
A confirmed breakout and successful retest could propel SEI towards $0.28 initially, with further upside potential toward $0.34 and $0.43. This move would represent a potential 45% gain from its current price.
Technical indicators also support a bullish outlook. The Moving Average Convergence Divergence (MACD) indicator is signaling a bullish crossover, indicating increasing buying momentum.
Pyth Network (PYTH) Analysis
Similarly, PYTH is showing strength and is currently trading at $0.21. The token recently established strong support at $0.16, marking the lower boundary of its falling wedge pattern.
Key Resistance Levels:
Initial resistance: $0.25 (25-day Simple Moving Average)
Next potential target: $0.28
If PYTH successfully breaks above wedge resistance and clears $0.25, it could rally toward $0.28, presenting a potential 40% gain from its current price. The MACD indicator is also turning positive, reinforcing the possibility of an impending breakout.
Market Outlook
As SEI and PYTH approach crucial resistance levels, traders should closely monitor potential breakouts. Bitcoin’s continued upward momentum will be a key driver in determining whether these altcoins can sustain their recoveries. Additionally, broader market conditions, particularly Ethereum’s (ETH) performance and Bitcoin’s dominance, will play a significant role in shaping the trajectory of SEI and PYTH in the near term.
#SEİ