Token in the Bears’ Grip, But for How Long?

Sei offers speedy and convenient centralized exchange services while maintaining blockchain security and decentralization. It provides access to thousands of tokens across different blockchain applications, making it asset and application-agnostic. The extended bullish run of the SEI price has pushed the token close to the $1 benchmark. After a surge of over 12,000% in a year-to-date price metric, the SEI crypto is finally looking to go beyond the $1 mark for the first time. 

Introduction to SEI Token-

SEI is a blockchain token with a total supply of 10 Billion and is listed on major exchanges, such as Binance and Kraken. This crypto asset performs various functions in the Sei ecosystem and has a speedy transaction finality of only 500 milliseconds. That makes it a highly scalable protocol for digital asset trading around the crypto world.

Sei’s Twin Turbo consensus mechanism ensures decentralized trading apps gain the required speed, security, capital efficiency, and decentralization. It aims to provide seamless user journeys without compromising trustless and permissionless transactions. Compared to Bitcoin, Ethereum, and Solana, Sei outpaces all of them.

Crypto tokens can experience exponential growth, leading to significant gains for investors. The market may soon get bullish. As such, experts have identified top crypto coins with the potential to return profits within the year. 

The SEI Token Shows a Downtrend on the Hourly Time Frame 

When seen from an hourly perspective, a downtrend is a scene in the token. The bearish pressure has been unveiled upon the SEI token since the middle of February. 

However, the immediate support level of $0.8245 is acting as a major support level for the SEI token price. If bearish traders can push the price further down, the 2nd support level will be at the $0.7417 level.  

Another major event has been the bearish crossover between the 50-hour EMA and 150-hour EMA, which means the bears have taken a toll on the SEI price direction in recent times. 

The Pressure of Bears in the SEI Price

The immediate resistance level of $0.824, along with the drawn trendline, can be a far-fetched hurdle for bullish investors. A stronger reversal will be crucial in SEI price to reverse the trend. Therefore, the price prediction, as per the current analysis, is bearish. While there are still some price fluctuations, experts believe it is only a matter of time before the token’s price surges above $1. 

Summary

Sei is a fast and secure centralized exchange that supports various blockchain applications. Its native token, SEI, has surged over 12,000% in a year-to-date price metric and is now close to $1. Experts predict a bearish trend but believe it is only a matter of time before the SEI price rises above $1.

Technical Levels

• Support Levels: $0.8245 and $0.7417
• Resistance Levels: $0.8877 and $0.9492

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or any other related indexes comes with a risk of financial loss.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.