The Sei & Sui prices have been ranging pretty high together for some time. While the SUI price led the rally, the SEI price silently followed the trend. As the market dynamics are changing, the SEI price is gaining huge momentum and rising above the crucial resistance zone. Meanwhile, SUI is facing some upward pressure, which may drag the levels back within the resistance-turned-support zone.
Is the Sei price dragging liquidity from Sui? Will it outperform the SUI price rally?
The SUI price seems to have entered a consolidation phase after undergoing a parabolic recovery. The crypto encounters bearish activity but has sustained above the crucial zone. Hence, it demonstrates the possibility of a bullish continuation after a small retracement.
As seen in the above chart, the SEI price underwent a parabolic recovery and surpassed the neckline, or the resistance zone, between $1.62 and $1.65. The DMI underwent a bullish crossover, while the +Di displays a bearish divergence, and the -Di heads towards the south without any variation. This suggests the token is undergoing a small retracement, which cannot be considered as a pullback.
Besides, the daily RSI has reached the upper threshold for the first time, which raises the possibility of a breakdown. Therefore, the upcoming monthly close needs to be bullish, which may revive a strong ascending trend. On the other hand, the SEI price has just crossed the pivotal resistance zone and is hence believed to undergo a SUI-like rally.
Observing both charts, it appears that the SEI is following the SUI price rally and is in the middle of a parabolic recovery. After breaking above the descending trend line, the price is testing the next resistance at the 200-day MA, which is a critical one to achieve. Besides, the bull-bear power indicates that the bulls have been holding enough strength to keep up the ascending trend. Therefore, the SEI price is required to surpass the 200-D MA at $0.4673, which may offer a strong base to test the higher targets.
Although the SEI price has been displaying strength compared to SUI, it may not outperform as the price is closely following the SUI price rally.
