Alex Clay noted the promising breakout potential for SEI, emphasizing its formation of a Cup and Handle pattern. This bullish formation suggests that SEI is on the verge of a significant price increase, with forecasts indicating a potential surge of up to 250%.
The chart shared by Clay illustrates a cup formation that `displays a rounded bottom, beginning after a price decline that established support around the $0.28 to $0.30 range. Following this, the price rebounded, reaching resistance levels between $0.40 and $0.45.
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After forming the Cup, a slight pullback led to the development of the Handle, where the price consolidated below the resistance level. This pattern often signals a pause before a bullish move, indicating that a breakout might be imminent.
Clay suggests that SEI is currently testing the resistance area near $0.45. A successful breakout from this zone could validate the Cup and Handle pattern, propelling the price towards key targets.
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The first target is set at $0.90, located within a historical resistance zone that has seen multiple rejections in the past.
The second target, identified at $1.72, corresponds with the 161.8% Fibonacci extension level, a common tool in technical analysis for forecasting breakout potential. If SEI gains enough momentum, reaching these targets appears feasible, marking an exciting opportunity for traders.
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