$SEI

Key Support Zones:

The price is currently bouncing above the 0.236 Fibonacci level (0.3426), indicating that buyers are stepping in at this critical support zone. Holding this level is key for initiating a bullish reversal.

The ascending trendline (purple) provides strong support, suggesting that the price is forming higher lows over time—a bullish sign of accumulation.

Fibonacci Levels to Target:

Immediate Target: 0.382 (0.4948): Breaking above this level would confirm bullish momentum and likely attract more buyers.

Secondary Target: 0.5 (0.6177): This level acts as a magnet in bullish recoveries and is a psychologically important zone.

Golden Ratio: 0.618 (0.7407): A breakout to this level could trigger a much larger rally toward 0.786 (0.9157) or even beyond.

Descending Triangle Reassessment:

Although typically seen as bearish, the descending triangle could also be viewed as a bullish squeeze if the price breaks upward.

As the price consolidates near the lower end of the triangle, a breakout above the descending resistance line will signal strength and bullish continuation.

Volume Profile:

Decreasing volume within the triangle indicates a build-up of pressure. An increase in volume during an upward breakout would confirm bullish intent.

Bullish Scenario:

Short-Term: Reclaiming 0.382 (0.4948) and breaking out of the triangle would shift sentiment to bullish, targeting 0.5 (0.6177) and 0.618 (0.7407).

Medium-Term: If the price sustains above the 0.618 level, it could aim for the 0.786 (0.9157), representing a full bullish recovery toward previous highs.

RSI and Momentum Indicators:

If momentum indicators (like RSI or MACD) show divergence or turn bullish near the ascending support, it would confirm growing buyer strength.