SEI Faced Rejection From $1Mark, Are Bulls Trapped At Highs?

The SEI coin has escaped the consolidation zone and retested the $1 mark this week. However, the momentum could not last longer, and sellers aggressively pushed the coin from there, which trapped the bulls. Bulls are in a dilemma now and are trying for a bounce from the 50-Day EMA, and a hammer candlestick was noted in the last trading session. If bulls attain a pullback, an impulsive bull rally could be seen above the $1 mark.

Sei (SEI) coin price has retraced to the 20-Day EMA and witnessed a bounce in the last trading session. The price action signifies a fake range breakout, and bulls are trapped at the highs, and the coin may suffer a retracement to the 100-Day EMA mark soon. Additionally, the coin has ended the higher high swings and made a fresh lower low, which signals a trend reversal in the coming sessions.

The Sei coin (SEI) price was $0.8386 at press time, with an intraday drop of 0.59%, showing retracement on the charts. Moreover, the trading volume has increased by 14.90% to $313.34 Million. The Sei price has a monthly return ratio of 30.46% and 1210.67% on a yearly basis. The pair of SEI/BTC is at 0.0000136 BTC, and the market cap is $1.51 Billion. Analysts are bullish and suggest that the SEI coin may face volatility and will retest the 100-Day EMA mark shortly.

SEI Exhibits Massive Speculation On Hourly Charts

Since the start of March, the coin has witnessed massive volatility, and bears and bulls have been trapped this week. A fake trendline breakout led to bulls being caught, and a fake breakdown with a long rejection wick trapped bears.

The Momentum Indicator (RSI) plunged from the overbought zone, signifying a negative divergence replicating the sudden selling pressure at the resistance zone. Similarly, the MACD indicator shows a bearish crossover and conveys that sellers have maintained their grip near the $1 mark and did not permit the bulls to cross the cluster.

SEI Displays Rejection, Can Bulls Retain the $1 Mark?

The Sei coin (SEI) showcased a volatile move, and the bulls somehow managed to attain a range breakout. However, the bulls could not hold it for long and faced selling pressure, leading buyers into trouble. Until the cluster of $1 does not cross, the volatility may be there, and selling pressure will lead the coin to retest the 50-Day EMA mark near $0.7500.

Summary

The Sei price has witnessed a retracement and is hovering near the 50-Day EMA, a rejection from the $1 mark was noted. However, the trend is neutral, and volatile movements may trigger the coin toward the 50-Day EMA mark or the upside of $1 soon.

Technical Levels

Support Levels: $0.8000 and $0.7500

Resistance Levels:$0.9600 and $1 

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.