It rose above the overhead resistance of $0.43 on September 24, indicating that the bulls are attempting a comeback.
The 20-day EMA ($0.38) has started to turn up, and the RSI is in the overbought zone, indicating an advantage for the buyers. If the bounce off $0.43 sustains, it will signal that the bulls have flipped the level as support. This will increase the possibility of the continuation of the up-move. The SEI/USDT pair may rally to $0.60 and then to $0.70.
Conversely, if the $0.43 support breaks, the pair may drop to the 20-day EMA. The bears will have to sink and sustain the price below the 20-day EMA to regain control.
The pair has bounced off the $0.43 support, indicating that the sentiment has turned positive, and traders are buying on dips. If the price sustains above $0.46, the bulls will attempt to retest the overhead resistance at $0.50. A break and close above this level will suggest the resumption of the up-move.
This bullish view will be invalidated in the near term if the price turns down and breaks below the 50 SMA. The pair may then drop to $0.36, where buyers are likely to step in.
