Altcoins such as Sei (SEI), Pudgy Penguins (PENGU), and Fartcoin (FARTCOIN) have recorded double-digit growth over the last 24 hours, outpacing the broader cryptocurrency market. The risk-on sentiment returns to the cryptocurrency market as the US Fed’s Minutes fuel optimism around potential rate cuts, driving Bitcoin (BTC) above $116,000, a record high on Thursday. The technical outlook suggests extended gains as the momentum turns bullish for the crypto gainers.
Sei edges higher by 8% at press time on Friday, adding to the 15% gains from the day before. The altcoin maintains a bullish outlook with the double bottom reversal from $0.2562 and crossing above the neckline at the June 24 daily close of $0.3068.
A daily close above this level would validate the bullish pattern, potentially stretching the gains towards $0.3642, last tested on January 21.
Still, traders should observe the Moving Average Convergence/Divergence (MACD) indicator that is on the verge of giving a buy signal. A crossover of the MACD line above its signal line would mark a trend reversal sign in SEI.
Meanwhile, the Relative Strength Index (RSI) inches closer to the overbought zone, suggesting increased bullish momentum.
SEI/USDT daily price chart.
However, a pullback to $0.3068 level for a retest remains a possibility if the broader market dynamic shifts.
PENGU appreciates over 8% on the day, extending the 24% rise from Thursday, reclaiming the $0.02000 psychological level. The recovery run exceeds the 50% Fibonacci retracement at $0.01609, drawn over the decline from $0.07000 on December 17 to the low of April 7 at $0.00370.
Typically, a surge above the 50% retracement level marks a trend reversal with the potential targets at the 61.8% and 78.6% Fibonacci levels. Based on this, traders could find the uptrend in PENGU facing opposition near the $0.02277 level or the $0.03731 mark.
The technical indicators highlight a sudden spike in bullish momentum as the MACD and signal retain their uptrend, avoiding a crossover. Meanwhile, the RSI shoots above the overbought boundary.
PENGU/USDT daily price chart.
On the downside, a potential pullback in Pudgy Penguins could retest the 50% Fibonacci level at $0.01609.
Fartcoin upholds the recent descending triangle breakout rally. At the time of writing, the meme coin forms a long-shadow Doji candle, holding above its 19% rise from Thursday.
As Fartcoin advances with the triangle breakout, the uptrend could target the $1.39 level marked by the June 10 high. A daily close above this level acts as an entry opportunity with the next potential resistance at $1.56, last tested on May 23.
The technical indicators maintain a bullish bias as the RSI reads 60, holding above the midpoint line, while the MACD indicator displays rising green histogram bars.
FARTCOIN/USDT daily price chart.
If Fartcoin reverses from the $1.39 resistance, the possibility of the $1.17 level retest cannot be ruled out.