The cryptocurrency markets have rebounded quickly following the Federal Reserve’s surprising rate cuts, injecting fresh optimism into financial markets. Traders, while remaining cautious, are witnessing Bitcoin climb back to crucial resistance levels, with altcoins like Sei (SEI) and Sui (SUI) showing signs of strength.
Bitcoin Approaches Key Milestone
Bitcoin (BTC), which had been consolidating below $62,000, surged to reclaim this key resistance level. The next significant hurdle lies at $62,500, a critical milestone to maintain its bullish momentum. Breaking past this resistance could solidify Bitcoin’s uptrend, pushing it further into positive territory and boosting market confidence.
While Bitcoin’s movements are under close watch, altcoins such as SEI and SUI are gaining attention due to their robust recoveries, positioning themselves for significant rallies before the end of the month.
Sei (SEI) Price Primed for a Parabolic Recovery
Sei (SEI) has endured a rough year, with its price plunging by over 75%, from $1 down to $0.2. Since then, it has struggled to rise above $0.4. However, recent market activity hints at a potential recovery, driven by increasing trading volumes and bullish sentiment for the remainder of 2024.
SEI has repeatedly tested the support zone between $0.22 and $0.24 since July, bouncing back each time. The current price surge has broken past a descending resistance line, signaling a potential 30% increase in the coming week. The Ichimoku cloud indicator has flipped bullish, and the On-Balance Volume (OBV) is rebounding from recent lows—both technical signs of a stronger market.
If SEI continues its upward trend, it could soon enter a resistance zone between $0.438 and $0.459. A breakout from these levels could propel the token above $0.55, setting the stage for a full recovery toward its yearly highs of $1.
Sui (SUI) Set for a 40% Upswing
Sui (SUI), which surged past $2 earlier in the year when Bitcoin hit an all-time high of $73,750, is once again showing signs of a parabolic recovery. After experiencing a recent upswing, SUI’s price is climbing from its local lows, with market analysts predicting a fresh rally that could see it approach new all-time highs (ATH).
However, the price is facing some resistance as it trades within a rising wedge pattern. With the Relative Strength Index (RSI) entering overbought territory, SUI may face a short-term pullback to $1.25. Despite this, the overall trajectory remains bullish, as the curve acting as a major support is likely to push the price higher in the coming weeks.
SUI’s current consolidation could be the foundation for a powerful rally, positioning the token to challenge its previous highs and potentially set new records.
The Fed’s rate cuts have reinvigorated the crypto markets, with Bitcoin reclaiming critical resistance levels and altcoins like SEI and SUI gearing up for major recoveries. SEI’s technical indicators suggest a 30% rally could be imminent, while SUI is poised for a 40% upswing despite short-term pullbacks. As traders keep a close eye on these developments, the rest of 2024 could see significant upward momentum in the crypto space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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