SEI price experienced a rapid increase of 50% over a span of two days. The altcoin’s price had previously hit a low of $0.10 on October 19 but steadily rose thereafter. The growth gained momentum in late November and reached an all-time high of $0.32 on December 5th.
However, the price of SEI underwent a significant correction and dropped to a minimum of $0.22 on December 13. Nevertheless, it recently started to rise again and achieved a new all-time high of $0.34 today.
In terms of Elliott Wave analysis, the most probable scenario suggests that SEI has completed the first and second waves of a five-wave bullish structure. The potential length of the third wave could result in a 35% increase, reaching the next resistance level at $0.44. Alternatively, if the third wave is extended, it could rise by 75% and reach a high of $0.58.
However, if SEI closes below the $0.30 horizontal resistance area, the bullish breakout could be invalidated, leading to a potential 30% decline to the immediate support at $0.22.
Moving on to INJ, its price has been rapidly strengthening since the beginning of the year. It recently reached a new all-time high of $38.80, indicating a growth of approximately 3,000% in 2023. The pace of growth notably accelerated in October, with nine out of ten weeks forming bullish weekly candles.
Based on wave analysis, INJ is approaching the top of the fifth and final wave. Currently, the length of the fifth wave is about 61.8% of the combined length of the first and third waves. As such, the top could potentially be reached around $40.70. However, a break above this level would signal an extended fifth wave, and the behavior of INJ in the $40.70 area will be crucial in determining if the price has reached a top.
In the event of a bullish breakout, INJ could rise by 60% and reach the next resistance at $61.50. Conversely, a rebound could lead to a 60% drop to the $17 support area.
Furthermore, various cryptocurrencies are gaining interest and experiencing growth in user numbers and adoption. For example, Tanaka, a cryptocurrency analyst, highlighted the correlation between the ATH (all-time high) of the $INJ token and the significant increase in daily new wallets on Injective, which has surged from 134 to 1,328 between December 9 and December 18.
Shifting focus to BGB, the altcoin has displayed steady growth since July 2022. However, it has faced difficulties in surpassing the $0.50 horizontal resistance zone this year. The occurrence of bounces combined with bearish divergence in the weekly RSI indicates growing weakness. Nevertheless, the breakout above the $0.50 area in November coincided with a breakout of the divergence trendline, amplifying its significance.
Today, BGB achieved a new all-time high of $0.70, surpassing the 1.61 external correction level of the previous fall. This breakthrough suggests that it could continue rising to the next resistance at $0.85, which is approximately 25% higher than the current price.
Nevertheless, if BGB closes below $0.65, it could result in a 30% decline to the closest support level at $0.50.
Overall, these are some noteworthy developments and price movements in the SEI, INJ, and BGB cryptocurrencies. It is essential to closely monitor these trends and conduct further research for informed investment decisions.