Technical analysis by SpyMk about Symbol SEI: Buy recommendation (12/29/2023)

Bias: Bullish Description: SEI token's price action is forming an ascending channel pattern, with consistent higher lows and higher highs. The RSI is trending above the midpoint, indicating bullish momentum. Direction: Upward Entry: A potential entry could be considered on a pullback to the lower trend line of the ascending channel, looking for bounce-back confirmation. Stop Loss: A sensible stop loss could be set just below the recent swing low within the channel to minimize potential losses. Targets: Initial targets may be placed at the recent swing high, with further targets aligned with key psychological levels within the ascending channel. Caution: Be wary of any bearish reversal patterns or a break below the channel, which could invalidate the bullish outlook. Keep an eye on trading volume as an increase could confirm the strength of the move.