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Sei Price Jumps 12% as its TVL Hits $570M Amid US-China Trade Deal

Highlights:

  • SEI price spikes 12% to $0.29 with a 22% rise in trading volume.
  • Sei Network’s TVL hits an all-time high of $570M, bolstered by $94M in 24-hour trading volume.
  • Sei breaks out of a falling channel, as technical indicators signal bullish momentum.

As of 27 June, the SEI price has spiked 12% to $0.29 mark, as the trading volume increases 22% in the past 24 hours. The recent spike comes as the United States and China have managed to reach a trade agreement, which was first negotiated in Geneva last month. This agreement is at a time when the two nations are trying to stabilize their economic association in global tensions. 

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Secretary of US Commerce, Howard Lutnick, announced the development in an interview on the Bloomberg Balance of Power show. He said that the trade accord would solve major concerns regarding the economic and trade environment. 

SEI Total Value Locked(TVL) Hits ATH

Sei Network has especially been generating a lot of interest in the cryptocurrency industry. This comes as it has been breaking a number of new records that have attracted the attention of investors. At the time of the most recent reports, Sei has achieved its highest point in terms of Total Value Locked (TVL), reaching $570M. 

The reason behind the rise in prominence of the Sei can be attributed to the increase in its volume. Its volume surpassed new levels of above $94 million within a 24-hour trading period.

Sei Price Breaks Out of The Falling Channel

Meanwhile, the Sei price has broken out of the falling parallel channel, strengthening the bullish odds on the 12-hour chart. Moreover, the token has rebounded from the $0.24 lows recorded yesterday, up 12% to $0.29 mark. The bulls have shown the bears total dust, as they have flipped the $0.20, which aligns with the 50-day MA, into immediate support.

Sei price
SEI/USD 12-hour chart: TradingView

Further, RSI (Relative Strength Index) has also been staying in a positive range of 67.19. This indicates that the token is not yet overbought and there is intense buying activity. On the other hand, the Moving Average Convergence Divergence (MACD) is also on an upward trend, indicating that the price of this token is increasing. With Sei network set to innovate and grow, the bullish trend seems to take its price even higher.

The derivatives market of Sei Network is also experiencing considerable growth, as the trading volume is at 1.74B, up by 18.73%. An increase in open interest has also been realized, which is 16.46%, amounting to $297.91M. 

Sei Derivatives Data. Source: CoinGlass

The 24-hour long/short ratio is at 1.0088, which indicates a balanced market tone. The positive outlook in the derivatives market tilts the odds towards the buyers. 

SEI Eyes the $0.40 Mark, But Short-Term Pullback is Likely

The Sei price movement portrays a splendid sign of a bullish market. Recently, it rallied, hitting the $0.33 mark, but due to early profiteering, the token slipped to $0.24 area. In the meantime, if the support zone holds, a higher mark towards $0.30, $0.33, and $0.35 could be imminent. 

In the short term, the RSI and MACD indicators show that a pullback may take place. This may see SEI retesting the key support at $0.24. A plunge below this mark will call for further downside towards $0.20 safety net. However, if SEI holds tight above the 50-day and the conviction holds, a rally towards $0.45-$0.50 could be plausible in Q3.

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