- SEI has tumbled by over 1%, hovering around $0.32.
- If the asset rebounds, it could target resistance at $0.34.
As the crypto market has flashed a red light without fail for the last few days, the bearish pressure may intensify further to face more losses. All major tokens are trading on the downside, including the largest assets, BTC and ETH. Among them, SEI has shed over 1% in the last 24 hours.
In the early hours, the asset traded at a high of $0.3268, and with the SEI bears stepping in, the price has slipped to a bottom range of $0.3125. According to the CMC data, at press time, SEI traded at $0.3204, with a market cap of $1.95 billion. Besides, the daily trading volume reached $157 million.
As per the Ali chart, SEI has been in a downtrend, and a 9 buy signal appeared, which indicates a potential trend reversal. Based on the Fibonacci retracement levels, the asset could rebound, targeting resistance levels around $0.328, $0.333, and potentially $0.34 if bullish momentum continues.
Will the Current Downtrend for SEI Continue?
As the overall momentum is weak, the SEI bears might pull back the price toward its immediate support range at around $0.3197. A sustained downward correction has the potential to initiate the formation of a death cross, pushing the asset’s price below the $0.3190 zone.
On the flip side, assuming the bulls take control of the asset, the price could instantly move up to the $0.3211 resistance level. An extended correction on the upside might trigger the golden cross emergence, and the SEI bulls would likely send the price above the $0.3218 mark.
Additionally, SEI’s Moving Average Convergence Divergence (MACD) line is sitting below the zero line, giving a bearish sign. The signal line is hovering right at the zero mark, suggesting the overall momentum is weak. If these lines stay below, it keeps up the downside bias.
Moreover, the Chaikin Money Flow (CMF) indicator of the asset, stationed at -0.20, shows that the selling pressure is stronger than the buying pressure in the market. Notably, the money is flowing out of the asset, which is reflecting bearish sentiment and weakness.
The Bull-Bear Power (BBP) reading of -0.0184 hints that the bears have a slight upper hand. As it is just below zero, the market is leaning mildly to the bearish side rather than showing a major downtrend. SEI’s daily Relative Strength Index (RSI), found at 38.94, signals the lower range, but there is still room before it hits the oversold territory below 30.
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