As the traders remain largely vigilant, the crypto markets rebound in no time following the Fed rate cuts, which surprised the financial markets. Bitcoin price reclaimed the crucial resistance at $62,000 and is approaching the crucial resistance at $62,500, which is considered an important milestone to keep up the bullish trend. In the meantime, a couple of altcoins like Sei & Sui have been displaying immense strength, intending to reclaim the pivotal resistance before the end of the month.
Sei (SEI) Price Ready for a Parabolic Recovery
The SEI price has faced over a 75% plunge since the start of the year, dropping from the $1 milestone to as low as $0.2. Since then, the token has failed to rise above $0.4, which has raised the possibility of reclaiming the yearly highs at $1. Besides, the rise in the volume suggests the bulls are believed to hold huge dominance for the rest of 2024.
The SEI price tested and rebounded from the support zone between $0.22 and $0.24 multiple times since July. However, the latest upswing has triggered a rise above the descending resistance and if it manages to sustain above the range, the SEI price is expected to rise by over 30% this week. Besides, the Ichimoku cloud has flipped to bullish while the OBV has rebounded from the lows.
Therefore, the price is expected to rise and enter the resistance zone between $0.438 and $0.459 and a breakout from these levels may push the token above $0.55. This move may pave the way for the SEI price to reclaim the lost levels at $1.
Sui (SUI) Prices Poised for a 40% Upswing Soon
The SUI price reached new highs above $2 during the first quarter, at the time when the Bitcoin price managed to mark a new ATH at $73,750. Similar to the previous rally, the SUI price is again undergoing a parabolic recovery and the recent upswing has elevated the levels from the local lows. However, the price has triggered a double-digit upswing and is believed to form a new ATH very soon.
The SUI price seems to be undergoing a parabolic recovery and is believed to rise to the neckline of the curve. Besides, the price traded within a rising wedge broke out from the pattern and is facing some bearish pressure. Besides, the RSI entered the overbought range and is believed to face some pullback.
Therefore, the SUI price may experience a minor plunge close to $1.25, which may trigger a fine rally along the curve, which is acting as a major support throughout the coming weeks and marking new highs.
