Insights Analysis Will SEI Reach $1 After Nearly Tripling in 2023?

Will SEI Reach $1 After Nearly Tripling in 2023?

January 3, 2024 Analysis
BITmarkets | Will SEI Reach $1 After Nearly Tripling in 2023?

The SEI cryptocurrency shot up in 2023, nearly tripling in value throughout the year as is continues to show strength as a top trending crypto.

Recently, the platform successfully collaborated with renowned blockchain security experts Zellic and OtterSec, to undergo code auditing to ensure a strong foundation for its upcoming deployment which promises to reshape transaction processing.

Are these fundamentals pointing to an imminent escalation towards the $1 mark? And do the techincal readings support that?

4 hour time frame

SEI1

SEIUSD - 4 Hour Time Frame

Looking into the 4-hour time frame, the bullish structure can be seen to be precisely respected.

The impulsive movement frenzy has likely settled down, and the upcoming price behaviors may set the trend for what's to come.

One scenario which may arise would be the subsequent correction towards Fibonacci (FIB) return levels 0.5, and 0.382, with these levels corresponding to the Imbalance zone on the daily timeframe. The price may also target the price levels marked by the FIB levels 0.295 and 0.21.

The latter may very likely cause a change in Price Flow from bearish to bullish and thus create a follow-up bullish impulsive move.

 

Another possible scenario presents the possibility of an impulsive bearish move forming, which will create room for a deeper correction from a daily timeframe perspective. This may bring even more profitable opportunities for market entry.

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