The $SEI price surged more than 24% over the past 24 hours to trade at $0.7547 at press time as investors bet big on the altcoin. This 24-hour gain was also a continuation of the cryptocurrency’s positive weekly streak. As a result, SEI was up more than 76% over the last 7 days as well.
The SEI Price May Be Overdue for a Correction

Daily chart for SEI/USDT (Source: TradingView)
From a technical perspective, a medium-term rising wedge has formed on SEI’s daily chart. This specific pattern is generally seen as bearish, and could foreshadow a correction for the SEI price. If the pattern is validated, SEI may seek support from the $0.6480 mark soon. 
A break below this key price point may then lead to the SEI price dropping to the subsequent support level at $0.4180 in the following few days. In an extremely bearish scenario, the crypto may see its price fall to as low as $0.2695 in the short term.
This pattern may not play out if the SEI price is able to close a daily candle above the upper barrier of the rising wedge within the next 48 hours. In this alternative scenario, the cryptocurrency may continue climbing throughout the coming week.
Technicals Suggest Bulls Are Still Driving the SEI Price
Traders will want to note that technical indicators on SEI’s daily chart suggest that bulls are stronger than bears and the SEI price may continue to rise in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators supported a bullish outlook.
The MACD line was breaking away above the MACD Signal line, which could be seen as a sign that SEI’s positive trend is not cooling off yet. Buyers are also growing stronger as the RSI line is breaking away above its Simple Moving Average (SMA) line. However, #SEI is currently in overbought territory, which could lead to traders engaging in profit taking. This could pull the SEI price down briefly.
This article was originally posted on ecoinimist.com