Altcoins
These two bullish Altcoins have reached new all-time highs
SEI and SUI are two of the top 50 altcoins that have reached new all-time highs today.
While SUI has been rising parabolicly, SEI is struggling to close above the previous historical resistance zone. Will he do it?
SUI parable leads to new all-time high
THE SUI price has been rising alongside a parabolic ascending support trendline since October 2023. The trend line has been validated several times, the last time on January 23, 2024 (green icon).
Since then, SUI further accelerated its growth rate. Today the altcoin hits new all-time high of $1.97. Additionally, the relative strength index (ROI) gives a positive reading.
When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.
If the RSI result is above 50 and the trend is up, the bulls still have an advantage, but if the result is below 50, the opposite is true. The RSI is above 50 and increases both bullish signs.
If the upward movement continues, the next resistance is 15% above the current SUI price at $2.20. It is created by the 1.61 external Fib retracement of the previous decline.
SUI/USDT daily chart. Source: Trading View
Despite this bullish SUI price prediction, a breakout of the parabola can trigger a 28% decline to the nearest support at $1.40.
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Can SEI price reach a close above resistance?
THE The price of SEI has increased rapidly since December 2023. The upward movement led to an all-time high of $0.88 on January 4, 2024. Subsequently, the price started to decline, validating the horizontal area of $0.85 as resistance.
The downward movement stopped on January 23. After reaching a low on February 7, the the altcoin accelerated its rise and broke out of the $0.85 zone todayreaching a new all-time high of $0.90.
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The RSI is increasing and above 70, both signs of an uptrend.
The wave count also suggests that the increase will continue. Using Elliott Wave TheoryTechnical analysts look at long-term price patterns and returning investor psychology to determine the direction of a trend.
The most likely count indicates that SEI is in the fifth and final wave of its increasewhich could peak with a high near $1.08, 26% above the current price.
Despite the bullish SEI price predictiona rejection from the $0.85 area can trigger a 32% decline to the nearest support at $0.60.
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