SEI Faces Pressure: Are Bears Driving the Price Below $0.10?

SEI has experienced a decline of over 3.22% in the past 24 hours. Starting the day at $0.1372, it fell to a low of $0.1296 as bearish pressure took hold. Currently trading around $0.1335, the asset's market cap stands at approximately $837.99 million, while trading volume has decreased significantly.

Key Takeaways

SEI price has dropped by over 3.22% within the last 24 hours.
Current price is around $0.1335, with a market cap of $837.99 million.
Market indicators reflect bearish sentiment, with selling pressure observed.
The price may test support around $0.1328, while possible bullish recovery points to resistance near $0.1342.

SEI Under Pressure: Will Bears Let the Price Slip Below $0.10?

Will SEI Stay Under Bearish Pressure?

Currently, SEI's Moving Average Convergence Divergence (MACD) line is positioned just below the zero line, which signals a bearish trend. The signal line, sitting above the zero line, indicates that we might be at the early stages of a potential easing downtrend, possibly attracting buyers back into the market.

The Chaikin Money Flow (CMF) indicator indicates a value of -0.08, suggesting there is mild selling pressure. This negative reading points to capital leaving the asset, indicating weaker demand in the market.

SEI chart (Source: TradingView)

The daily Relative Strength Index (RSI) for SEI is currently at 47.42, which is in the neutral zone. This suggests the momentum is fading, yet it is not severe enough to show a crisis condition, with neither buyers nor sellers commanding the market.

The asset's Bull-Bear Power (BBP) reading sits at -0.0035, reflecting a slightly negative tension but close to neutral. While sellers have a slight edge, the prevailing bearish pressure is relatively weak.

With the current downward trend in play, SEI might test support near the $0.1328 level. Should further downside continue, it could lead to a death cross pattern that would push the price below $0.1320.

Conversely, if a bullish rally occurs, SEI could rise to resistance around the $0.1342 mark. An extended bullish momentum may result in a golden cross formation, allowing the price to rise above $0.1350.

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