The cryptocurrency market is showing strong signs of recovery today after an initial sharp sell-off. The bounce back is being driven by the news that tariffs on Canada and Mexico have been delayed following discussions with President Trump. Additionally, anticipation is growing ahead of today’s press conference by David Sacks, Donald Trump’s Crypto Czar, scheduled for 2 PM ET.
In response to these developments, Bitcoin (BTC) has recovered to the $99K mark after briefly dipping to $91K, while Ethereum (ETH) has surged back above $2,700 from a low of $2,100.
Alongside BTC and ETH, altcoins like Sei (SEI) and MultiversX (EGLD) are also making a recovery, showing noticeable gains while holding major support levels after facing a huge correction over the last 60 days.
Source: Coinmarketcap
Sei (SEI)
The daily chart for Sei (SEI) indicates that the price has been consolidating within a year-long descending triangle pattern. The recent downtrend, which began on December 4, was triggered by a rejection from the upper resistance of the triangle at $0.73.
Sei (SEI) Daily Chart/Coinsprobe (Source: Tradingview)
This decline brought SEI to a major support zone within the triangle, hitting a low of $0.19. However, the price has managed to hold and is now trading around $0.24. Historically, this level has acted as a strong rebound zone, and if the pattern repeats itself, SEI could see a bounce from this support.
A break above the 25SMA could potentially leading it to the upper resistance trendline of the triangle.
MultiversX (EGLD)
Similar to SEI, the daily chart for MultiversX (EGLD) shows that the price has been consolidating within a descending triangle pattern for the past year. The recent downtrend, which started on December 4, followed a rejection from the upper resistance at $58.47.
MultiversX (EGLD) Daily Chart/Coinsprobe (Source: Tradingview)
EGLD has now dropped to a critical support zone, reaching a low of $20. However, it has managed to hold and is currently trading at $23.
This level has historically acted as a strong rebound zone, and if the pattern follows previous trends, EGLD could bounce and soon cross the 200 SMA, potentially leading it to the upper resistance trendline of the triangle.
Is a Bounceback Ahead?
At the moment, both SEI and EGLD are showing resilience at their major support levels. Their next moves will largely depend on Ethereum (ETH) and the overall crypto market sentiment. If ETH continues its recovery, it could provide the momentum needed for SEI and EGLD to confirm a breakout and start a new bullish trend.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
