- Bullish momentum wanes as SEI hits $0.1715 resistance.
- SEI stabilizes around support after a 2.22% drop from the high.
- High trading volume and indicators suggest a potential SEI rebound.
Bullish momentum for the Sei (SEI) project has weakened in the previous 24 hours after hitting resistance at the 7-day high of $0.1715. As a result, negative momentum swept in, lowering the price to an intraday low of $0.1426, where support was established.
Since then, the price has steadied, hanging around the support level, signaling that a consolidation period is imminent. SEI was trading at $0.1422, a 2.22% decrease from the intraday high. Profit-taking by traders who purchased at the support level may account for this drop.
SEI’s market capitalization fell 1.63% to $255,897,911, while its 24-hour trading volume increased 40.40% to $394,759,480. Despite the recent price drop, this surge in trading volume demonstrates that there is still strong interest and activity in SEI.
This pattern shows that SEI may have solid support at its present price level, with traders possibly taking advantage of the fall to buy in at a reduced price, expecting a comeback.
SEI’s Chaikin Money Flow (CMF) rating of -0.12 and heading downward indicates that purchasing pressure may be decreasing and selling pressure may be increasing. This CMF trend suggests that market sentiment is shifting toward SEI, with more investors perhaps seeking to exit their investments. A drop in the CMF below -0.20 might indicate that selling pressure is increasing, leading to a further loss in SEI’s price.
Despite moving below its signal line with a value of 49.68, the Relative Strength Index is leaning higher, suggesting that the current drop in the SEI’s price may be brief. This RSI level shows that there is still some purchasing activity in SEI, which might support a price comeback. A break above its signal line might corroborate this positive feeling and signal a possible reversal of the SEI’s negative trend.
The Average Directional Index (ADX) rating of 40.16, pointing south, indicates that the current SEI trend is solid and likely to continue. A dropping ADX rating often shows a growing trend, indicating that the price of the SEI may continue to decline. A change in trend direction would be signaled by an increase in the ADX rating over the 40 mark.
With a reading of -0.00726903, the Bull Bear Power (BBP) is trending south, suggesting that bears have the upper hand in the market. If the BBP continues to drop, the negative feeling will be reinforced, potentially leading to a further drop in the SEI’s price.
In conclusion, SEI’s recent dip amid rising trading volume hints at potential buying opportunities as solid support and indicators suggest a possible price rebound.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
Source: https://coinedition.com/seis-bulls-retreat-from-resistance-can-positive-momentum-rebound/