 price has surged nearly 25% intraday, breaking through the 20-day and 50-day EMA bands. This spike was driven by the US Federal Reserve'){kind=link}
- SEI price surged 25% on the FED’s unexpected rate cut.
- SEI’s derivatives market also showed strong bullish sentiment.
- Liquidity increased significantly, and the surge broke through 20-day and 50-day EMA bands.
Sei (SEI) price has surged nearly 25% intraday, breaking through the 20-day and 50-day EMA bands. This spike was driven by the US Federal Reserve’s unexpected decision on Wednesday, September 18th.
The decision was to cut interest rates by 50 basis points. This exceeded the anticipated 25-basis point cut and boosted BTC demand. The optimism from the market leader positively inspired the crypto market, pushing the top 100 cryptocurrencies in green intraday.
As a result, BTC touched $62,000, hovering above the 50-day and 200-day EMAs, confirming the bullish trend. SEI crypto experienced intraday gains from its demand zone following BTC’s lead.
Continue reading to determine whether the SEI price can sustain its rally or continue consolidating under the 200-day EMA.
Liquidity On Intraday Increased Significantly In SEI Price
The recent surge in the SEI price over the past day was impressive on the daily chart. With a nearly 25% increase, its market cap soared to $1.19 Billion, boosting its rank to 60th intraday.
Per the SEI price analysis, the spot volume inflow also drew attention. It happened as the FED news spurred a 104.22% rise in 24-hour volume, reaching $240.22 Million. This increased demand highlighted the significant liquidity pumped into SEI, pushing its price beyond dynamic EMA hurdles.
The intraday market cap-to-volume ratio was around 20%, indicating a strong bullish presence. This surge could signal growing future interest in the asset.
SEI Crypto’s Derivative Market Walkthrough
According to Coinglass, the derivatives market for SEI crypto has shown significant optimism alongside the spot market.
Over the past 24 hours, derivatives volume surged by an impressive 100.67%. It brought the total traded value to $385.06 Million. This surge reflected the growing demand for SEI in the derivatives market.
Similarly, SEI crypto’s open interest has climbed to $102.81 Million. It marked a 34.46% increase from the previous session. The 24-hour long/short ratio stood at 0.9604, indicating more short positions than long ones.
SEI’s OI-weighted funding rates have been showing a decrease in bearish sentiment. In the past 48 hours, it has climbed to a negative 0.0156% from 0.0490%. This signaled a shift toward market optimism. Traders are betting on the increased potential for the SEI price to rise.
Additionally, $554.09K worth of short positions were liquidated, while $165.83K in long positions were liquidated intraday. This scenario guided a positive outlook for SEI crypto in the market.
All these metrics highlighted a strong bullish sentiment for SEI, confirming the recent intraday price surge. The increase in open contracts and higher short-side liquidations suggested that SEI’s price could continue to rise.
Fundamental Status of SEI Crypto
The SEI, a Layer-1 blockchain designed for exchanges, is fundamentally robust, according to Chainbroker. Analyzing SEI crypto revealed that it has strong backing and robust security measures.
Investors such as Multicoin Capital, Distributed Global, and others have made significant investments. It provided solid support for the asset.
In terms of security, SEI ranks among the top 25 assets, with high scores for its code, website security, and more. It received an impressive score of 93.61, earning a ‘2A’ tier classification.
This combined classification underscores the asset’s strength. SEI’s fundamental health has been rated at 8.32 out of 10.
The community trust was good on social media, as SEI has a Twitter score of 188. It indicated high engagement and a promising outlook among followers on platforms like X.
Other aspects like operational resilience, governance strength, and market stability were well-developed, with strong metrics.
Can SEI Price Shoot Higher Towards $1 Or Beyond?
SEI experienced a remarkable rally, growing nearly 1000% from Q4 2023 to Q1 2024, reaching a peak of $1.1455.
However, this surge led to a significant sell-off, causing the SEI coin price to plummet and form a descending channel. The decline established a support level at $0.2500, which had previously shown buying interest earlier in the year.
Throughout Q3 2024, the SEI price struggled to break above the 20-day and 50-day EMA bands, leading to consolidation. By mid-Q3 2024, around August 5th, a bullish presence emerged from the demand zone, resulting in a 65% growth.
The recent intraday surge, fueled by optimism from the FED report, pushed SEI’s price beyond the EMA bands. This now supports the momentum.
Despite this, sustained confidence will depend on a proper change of character (ChoCH) at $0.4150 and the 200-day EMA. If achieved, the SEI price could rise to $0.6000 in the short term, with further targets at $0.7800 and $0.9600.
Conversely, suppose the intraday momentum fades or fails to confirm the ChoCH. The price may retract to the demand zone and continue consolidating.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
