The crypto market surprised the financial markets with a swift rebound following the Federal Reserve’s rate cut as traders remained on high alert. Bitcoin price reclaimed the key resistance level of $62,000 and is approaching the critical resistance level of $62,500, which is considered an important milestone to sustain the bullish trend. Meanwhile, several altcoins such as Sei and Sui are showing tremendous strength with an intention to reclaim key resistance levels before the end of the month.
SEI (SEI) Price Ready for Parabolic Recovery
Since the beginning of the year, SEI price has plummeted by over 75%, falling from the $1 milestone to lows of $0.2. Since then, the token has failed to rise above $0.4, raising the possibility of a revisit to the yearly high of $1. Additionally, the increase in trading volume suggests a belief that bulls will have a huge dominant position for the rest of 2024.
Since July, the SEI price has tested and bounced off the support area between $0.22 and $0.24 on multiple occasions. However, the recent uptick has triggered a breakout above the downside resistance and if it can sustain above this range, the SEI price is expected to surge by more than 30% this week. Additionally, the Ichimoku Cloud has turned bullish while the OBV has rebounded from its lows.
Therefore, the price is expected to rise and enter the resistance zone between $0.438 and $0.459 and a breakout of these levels could push the coin above $0.55. Such a move could pave the way for SEI price to reclaim the lost ground above $1.
Swiss Franc (SUI) Price Expected to Rise by 40% Soon
The SUI price hit a new high above $2 in the first quarter when Bitcoin price hit a new high of $73,750. Similar to the previous rally, the SUI price is once again experiencing a parabolic recovery and the recent rise has pushed it higher from the local lows. However, the price has triggered a double-digit rally and is expected to hit new highs soon.
The SUI price seems to be undergoing a parabolic recovery and is expected to rise to the neckline of the curve. Moreover, the price, which was trading inside a rising wedge, broke out of the pattern and is facing some bearish pressure. Moreover, the RSI entered the overbought territory and is expected to face some pullback.
Therefore, the SUI price might decline slightly towards $1.25 level which could trigger a nice rebound in the curve which will serve as a major support in the coming weeks and create new highs.
