SEI Price Could Show Reversal: Can SEI Bulls Conquer The Battle?

Sei (SEI), the token of the Layer 1 protocol, showed a significant recovery. SEI price reclaimed the 20-day EMA mark this week. However, bulls struggled to sustain beyond it and hovered near the $0.3000 barrier.

Amid the market volatility, improved sentiments led the altcoins to recover from the bottom. However, the SEI token represented a minor recovery with low volumes. It signified that investors were still not confident in accumulating SEI.

Last week, SEI displayed a prominent bullish accumulation from the $0.2000 mark. It has surged over 45% as of writing.

Buyers have been eyeing to breach the overhead trendline barrier when trading inside a falling channel. It is placed around the $0.3600 mark.

With a sustained price correction and lower low formation, rolling in a downtrend, the SEI token was in a significant downtrend. It made a 52-week low last week.

With the Bitcoin price bounceback, the SEI token has been eyes for a significant bullish extension. It may sprint the recovery and can turn the prompt resistance into support shortly.

SEI Price at Press Time

At press time, SEI was trading at $0.2922 with an intraday surge of 7.896%. It reflected buying momentum on the charts. Its trading volume rose over 112% to $150.13 Million, revealing investors optimism.

The pair of SEI/BTC is at 0.00000497 BTC, and the market cap is $786.39 Million. 

Will SEI Price Cross the $0.3200 Mark this Week?

Over the last few weeks, SEI has been in a steep downtrend and under bearish influence. From the peak of $1, it has corrected over 70% in the last six months.

The daily RSI line approached the midline trajectory, reflecting a bullish crossover. In addition, the MACD and signal line lie to start a clear bullish reversal after days of uncertainty.

@TJ Crypto, in his tweet, said that SEI was testing the patience of its investors. It could deliver a significant bullish reversal ahead.

Despite trading near the 52-week lower region, the SEI trend reversal is turning the eyes of smart investors in the market. As the bulls regain consciousness, the $0.3200 mark is the prompt level to crack for the next bullish leg up.

What do On-Chain Metrics Data Say?

Over the last two months, the development activity line stayed below the midline region. It represented minor changes in the ecosystem. It highlighted no significant contributions by the developers, hence the decline in the growth.

The social dominance curve for the last two weeks was around 0.0065%, delivering low investor participation on the media platforms. This means a decremental move in the discussion activity and chatter amongst the investors.

With an intraday gain of more than 8%, the market anticipates a reversal rally that would extend the rise.

Notably, the Futures Open interest rose over 14.30% to $60.46 Million in the past 24 hours. It signified that the buyers indulged in accumulation and started making fresh, long positions.

If the token fails to crack the round mark of $0.3000, it may retest the immediate support trajectory around $0.2600. This would be followed by $0.2300.

Conversely, the SEI token can go toward the upper region hurdle of $0.3300. The $0.3800 mark could follow this in the short term.