SEI crypto up 37% in 6 days – Here’s how bulls can target another 11% hike

• Sei has a strong bullish outlook in the short-term.
• The higher timeframes favored the range formation and a breakout might be difficult now.

Sei [SEI] has been in a downtrend from March to June, but since then has been consolidating within a range. The past week’s trading has been bullish but has not yet managed to break out past the range.

Since Monday, the 19th of August, SEI has gained 37.2%. A breakout might not be on the cards unless Bitcoin [BTC]

SEI is range-bound but expect short-term gains

Source: SEI/USDT on TradingView

On the daily chart, SEI has a bullish market structure after breaching the $0.3145 lower high set earlier this month. The range that the token has traded within (red) over the past two months extended from $0.24 to $0.4.

The mid-range level was at $0.32 and the bulls have comfortably surpassed that mark. The current target was the range highs at $0.4. The MACD made a bullish crossover a couple of days back and was on the verge of climbing above neutral zero.

This would indicate strong bullish momentum on the daily timeframe. The OBV breached the highs made on the 12th of August. This increase in buying volume over the past week aided the sustained gains.

Mixed signals from the spot and futures markets

Source: Coinalyze

The Open Interest has nearly doubled in the past four days, rising from $40 million to stand at nearly $77 million at press time. This was a sign that speculators were eager to go long and were convinced the token would see more gains.

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The funding rate reflected the bullish bias in the market. On the other hand, the spot CVD has been trending downward in the past ten days. Its trend has been more neutral over the past 48 hours.

This lack of spot demand was a worrying signal, but the likelihood of a price move to $0.4 is still high.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion