The cryptocurrency market has witnessed SEI and SUI achieve record high prices today, with market participants closely observing the surging values. SUI, in particular, has been on a remarkable upward trajectory, while SEI has made significant strides to surpass its previous high-price barrier. Analysts are actively exploring whether this surge can be sustained by delving into comprehensive chart analyses and pinpointing crucial price levels.
Insight into SUI’s Price Momentum
SUI’s price has surged along an upward-supportive trend line since October of the last year, confirming this pattern numerous times, the latest being in January of this year. This uptrend has seen a vibrant increase, with SUI reaching a new peak price of $1.97. Indicators such as the Relative Strength Index (RSI) signal a bullish outlook, as the current RSI is well above the 50 mark, indicating the market’s bullish control.
Potential resistance could emerge around the $2.20 price point, a 15% increase from the current price, influenced by Fibonacci retracement levels. However, a downturn breaking the current pattern could result in a significant 28% fall to the next support level at $1.40.
SEI Experiences Rapid Price Climb
SEI’s value has grown swiftly since the end of last year, hitting an unprecedented high of $0.88 early this year. The price faced resistance at $0.85 but has recently overcome this hurdle, setting a new high at $0.90. While the forecast remains optimistic, a slump to the $0.85 level could lead to a sharp 32% decline towards the $0.60 support zone.
Market experts are drawing on Elliott Wave theory to anticipate SEI’s price movements, suggesting the current uptrend could be in its last phase, with a potential peak around the $1.08 mark, a 26% rise from now. This theory looks at long-term price patterns and the psychology of investors to predict the trend’s trajectory.