As June approaches, the cryptocurrency market continues to show volatility, with several 'US-based coins' recording significant increases. Among these, Sei stands out, currently rising after being selected as a blockchain candidate for WYST, a dollar-based stablecoin.
BeInCrypto analyzed two US-based cryptocurrency tokens that have been gaining attention this week.
Sei (SEI)
SEI is showing top performance among US-based coins, rising 15% in the past 24 hours. It is currently trading at $0.208, above the key support level of $0.197. The recent upward movement indicates increasing investor confidence in the cryptocurrency.
The recent announcement that the Wyoming Stable Token Committee chose Sei as the blockchain for WYST dollar-based stablecoin has driven the altcoin's rise.
The RSI has also crossed the neutral line and turned bullish. This technical indicator suggests SEI's short-term sustained momentum.
Considering the current momentum, SEI is likely to continue growing to the resistance level of $0.225 in the coming days. However, if the altcoin loses momentum and falls below the $0.197 support level, it could drop to $0.183. Such a movement would invalidate SEI's current bullish outlook.
Helium (HNT)
HNT has transitioned from a downtrend to an uptrend for the first time since early this month. The altcoin has risen 17% and is currently trading at $2.67. This indicates a significant change in momentum, and HNT is expected to continue positive price movements in the near future.
The Parabolic SAR is now positioned below the candlesticks, indicating a strong upward trend for HNT. This change ends a decline of one and a half months and suggests that the altcoin could break through $2.75 and reach $3.00.
However, if HNT fails to break through the $2.75 resistance, it could decline. A drop to $2.41 would indicate weakened momentum, and falling below $2.27 would invalidate the current bullish outlook. This scenario could lead to additional losses for HNT holders.
Bitcoin Cash (BCH)
BCH is currently trading at $490, having risen 15.6% last week. The altcoin has come close to $500 thanks to Bitcoin's rise. Investors are carefully watching this level as BCH shows resilience following Bitcoin's recent performance.
BCH's key resistance level is $501, which it has not exceeded since December 2024. The Ichimoku Kinko Hyo indicates strong upward momentum, suggesting BCH could break through this resistance.
If it breaks through, the price could rise further, reaching above $529, with additional potential for increase.
However, if market sentiment turns negative and selling pressure intensifies, BCH may struggle to surpass $501. In this case, the price could retreat to $446, invalidating the current bullish outlook.
Loss of momentum could lead to a short-term price reversal.
