Date: Thu, Jan 30, 2025, 12:53 PM GMT
In the cryptocurrency market today, major altcoins are showing upside momentum as Bitcoin (BTC) surged by 2.56%, reclaiming the $105K mark.
Following BTC’s lead, top altcoins including Sei (SEI) and Pyth Network (PYTH) are gaining traction, posting noticeable gains.
Both tokens are approaching key resistance levels after breaking out of falling wedge patterns, a bullish signal that could lead to further upside movement.
Sei (SEI)
Currently trading at $0.32, SEI is edging closer to a critical point within a falling wedge pattern, a structure often associated with bullish reversals. The token recently found support around the $0.2970 level, which coincides with the wedge’s lower boundary.
If SEI manages to break out with a possible retest, it will face resistance at the 25SMA, and surpassing this level could push it toward the next resistance targets at $0.43 and $0.48. Such a move would represent a potential gain of up to 47% from its current price.
The MACD indicator is showing early signs of bullish momentum, hinting at a possible breakout.
Pyth Network (PYTH)
Similar to SEI, Pyth Network (PYTH) is steadily approaching the upper boundary of its falling wedge pattern, currently trading at $0.28. The token recently found support around the $0.26 level, aligning with the wedge’s lower boundary.
If PYTH manages to break out with a possible retest, it will face resistance at the 25SMA, and clearing this level could open the door to resistance levels at $0.37 and $0.40. This would represent potential gains of up to 41% from its current price.
The MACD indicator is also beginning to turn positive, signaling a potential shift in momentum.
What’s Ahead?
With both SEI and PYTH nearing key resistance levels, traders should closely monitor these zones for potential breakouts. Bitcoin’s continued strength could provide further momentum for altcoins, potentially leading to extended rallies.
However, failure to break resistance could result in short-term pullbacks before another attempt at higher levels.
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