SEI Price Rockets Up with $300 Million Trading Volume as New Mining Protocol Prepares to Launch

cryptonews.com:

Sei Network has rocketed-up amid a huge spike of $300m trading volume, driving SEI price up +24.68% out of double-bottomed support, and now speculators suggest this new mining protocol could be next.

This comes after SEI price retraced from -34.2% following a new all-time high at $0.8823 posted-on January 3.

The bull flag on $SEI will break out in one direction only pic.twitter.com/YZACdOEgV7

— Market Watcher (@blackgokusei) January 15, 2024

With traders now highlighting a bullish pendant in the chart, following the surge in volume (29.4% on Binance) technical strengthening suggests a bounce could occur on the short-time frame.

With price action pushing up from double-bottomed support, SEI is currently trading at a market price of $0.77 (representing a 24-hour change of -3.66%).

Double-bottomed support formed above lower support at $0.675, providing feed to the recovery move which is now testing resistance immediately below the previous all-time high at $0.88.

Further support has emerged from the arrival of the ascendant 20DMA, which is currently stood at $0.68.

A breakout move from the bullish pendant pattern appears to be gathering momentum as showcased by growing convergence on the MACD, which seems set to flip bullish imminently, although currently displaying minor bearish divergence -00.063.

Meanwhile, despite a lengthily consolidation over the past 9-days, the RSI has struggled to cool off significantly – remaining at a bearish signal of 63.75.

This leaves price pushing higher into the trading channel, with strong technical form conflicted by key indicators, in a mixed signal that could suggest a continuation of consolidation moves on the short-time frame.

To the upside, SEI price is facing an upside target above the