SEI rebounds from $0.117 support, eyeing $0.136. Watch key levels and market structure for potential bullish continuation.
The price of SEI has recently reversed after tapping into the $0.117 support level, showing signs of potential bullish continuation.
As SEI approaches key price levels, traders are closely monitoring its next move.
The critical question remains: Can SEI push towards the $0.136 mark, or will it face further challenges at lower levels? Below, we explore the current price action and what traders should watch in the upcoming days.
The Importance of $0.117 Support and $0.1236 Resistance
The $0.117 level has played a key role in SEI’s recent price action. After the price touched this level, a bounce followed, signaling potential bullish continuation.
Traders are particularly focused on how the price behaves around this support zone to gauge the strength of the trend.
The next critical price point to monitor is $0.1236. If SEI can break above this resistance, it may signal the beginning of a higher-low structure, which is typically a bullish sign.
This could set the stage for further gains, with the next major target being around $0.136.
For traders looking for profit-taking opportunities, the $0.1288 level is a possible target. If SEI reaches this point, it might provide a good exit for short-term traders.
However, the key to reaching this level is successfully breaking through the $0.1236 resistance.
Long Opportunities as SEI Holds Key Support
Despite recent fluctuations, long opportunities are still present for SEI traders. The best time to enter a long position occurred after the $0.117 support was tapped.
However, even now, there are still chances to profit from bullish moves, depending on how the price reacts to upcoming levels.
If SEI reclaims the $0.1236 level, it could confirm a shift in market structure.
This would indicate a higher-low formation, which suggests a potential continuation towards the $0.136 mark.
Traders are keeping an eye on these levels for a clearer signal to enter long positions.
There’s also the chance that SEI could revisit the $0.117 support zone before moving higher.
If that happens, traders will need to look for confirmation of a reversal before executing further long trades.
Monitoring market structure on higher timeframes will be crucial for decision-making.
Related Reading: SEI Holds Strong as Altcoins Break Above 21-Day MA and Test Support
Risks of Revisiting Lower Levels and $0.113 Imbalance
While the $0.117 support has held so far, the $0.113 imbalance remains open. A drop to this level could indicate weakening bullish momentum.
Traders should approach this level with caution and wait for clear signs of strength before making any new trades.
If SEI reaches $0.113 and shows signs of a reversal, it could present a potential entry point for long positions.
However, if the price fails to rebound and continues to drop, it may suggest a shift in market sentiment. Traders should be prepared for possible downside movement if this occurs.
The $0.113 level is still a key area to watch. If the price fails to hold at this level, it could signal further weakness in the market.
Traders should be cautious and monitor market structure for confirmation before acting on any trades.
Source: https://www.livebitcoinnews.com/sei-rebounds-from-0-117-can-it-push-toward-0-136-heres-what-to-watch/
