- SEI has dropped over 5%, trading at around $0.21.
- Daily trading volume has spiked by more than 11%.
The crypto market has dipped the assets in red, with a slip of over 3.41%. If the bearish pressure intensifies further, the prices would see more losses, returning to the recent lows. The majority of the tokens are trading on the downside, including BTC and ETH. Following suit, SEI has registered a plunge of over 5.3% in the last 24 hours.
In the early hours, the asset traded at a high range of $0.2392, and with the bearish encounter, the SEI price has slipped to a low of $0.2125. According to the CoinMarketCap data , at the time of writing, SEI traded at around $0.2155, with the market cap at $1.3 billion. Besides, the daily trading volume has spiked by over 11.22%, reaching $224.2 million.
Additionally, the Ali chart shows that SEI has been in a long-term downtrend, with a descending trendline connecting its major highs. Every time the price prepares to move up, it faces resistance and pulls back. Currently, SEI is below the significant trendline. A sturdy rally would trigger a strong breakout above this descending trendline.
Will SEI Find Support Soon?
SEI’s Moving Average Convergence Divergence (MACD) line and signal line are positioned below the zero line, which implies a bearish trend. The asset’s ongoing momentum is weaker, and the market is experiencing downward pressure. Moreover, the Chaikin Money Flow (CMF) indicator is stationed at 0.13 points that moderate buying pressure is present in the market. With this positive value, the money is flowing into the asset, giving a cautious bullish sentiment.
SEI chart (Source: TradingView )
Notably, the Bull-Bear Power (BBP) reading of -0.0177 indicates slight bearish pressure. Since the value is close to zero, the market is mildly negative, but the downtrend is not very strong yet. SEI’s daily Relative Strength Index (RSI), found at 37.17, suggests it is slightly oversold to the neutral zone sentiment. The selling pressure is currently stronger than the buying pressure.
If the SEI bears gained more traction, the price might slip toward a support range at around $0.2148. A continued downward correction could initiate the death cross to take place, pushing the price below the $0.2140 zone. Assuming the SEI bulls take control, the price could find its nearby resistance level at $0.2162. Further correction on the upside might trigger the emergence of the golden cross, and it would likely send the price to the $0.2170 mark or even higher.
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