SEI has surged 15% following its selection as a candidate network in Wyoming’s stablecoin pilot, as investors anticipate a price uptrend.
SEI has caught the market’s attention following its weeks of price downtrend. The coin is showing signs of price reversal as buying pressure rises. Per CoinMarketCap data, the coin has surged 4.60% with a 78.62% increase in trading volume, at press time. SEI’s open interest has surged 20.91%, suggesting a strengthening investor confidence in its bullishness.
Using smart money concepts (SMC), SEI shows a recent Change of Character (CHoCH) while bullish momentum develops. The chart shows that SEI is reclaiming the $0.20 key resistance level. Additionally, it shows Equal Lows (EQL) where potential support and liquidity zones have formed. Technical analysis reveals that if the coin holds above the $0.19 structure, the bullish momentum could trigger an uptrend rally.
What’s fueling the upsurge?
Wyoming has announced its state-backed stablecoin pilot program, selecting SEI among the blockchain networks to be evaluated. The news has raised investor confidence in the project’s growth, resulting in heightened buying pressure.
The high buying pressure could signal an accumulation phase, hinting at high chances of a bullish rally in the mid-term. Traders are eyeing a confirmed breakout above the $0.20 level towards the $0.23 zone as a bullish signal for the anticipated bull run.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
