SEI on the Brink: Can Bulls Prevent a Decline and Push Towards the $0.22 Resistance?

In the early hours, SEI reached a low point of $0.1306. After a brief intervention from the bulls, the price climbed to a peak of $0.139. Important resistance levels have been tested between $0.1310 and $0.1386. Currently, SEI is trading around $0.1362, showing a daily trading volume increase of over 30.46%, now standing at $95.7 million.

Key Takeaways

SEI's price fluctuated between $0.1306 and $0.139, currently trading at around $0.1362.
Significant resistance lies at $0.22, a level that could mark the end of a prolonged downtrend.
The MACD and other indicators suggest a bearish momentum, while some buying pressure is evident.
The price may retrace to support around $0.1355, with potential movements towards $0.1369 if bullish action resumes.
RSI indicates a balanced market without strong directional trends.

An analyst's chart indicates that SEI has been repeatedly rejected by a long-term descending resistance trendline, which has been in effect since early 2024. This trendline has prevented every significant rally attempt. The resistance is currently positioned at approximately $0.22. Overall, SEI is in a broader downtrend, and breaking above this resistance level could signify the end of this long-term downtrend.

Will SEI Find Support or Continue to Decline?

The Moving Average Convergence Divergence (MACD) and signal lines for SEI are both positioned below the zero line, indicating a bearish zone. The momentum remains weak, despite some short-term recoveries. The Chaikin Money Flow (CMF) indicator stands at 0.07, suggesting light buying pressure. A value above 0 indicates money inflow into the asset, moderate accumulation, and a slightly bullish sentiment.

SEI chart (Source: TradingView)

Given the overall weak momentum, SEI's price might revert towards its key support level at around $0.1355. A significant downside correction may lead to a 'death cross,' potentially pushing the asset's price below $0.1348. Conversely, if SEI bulls regain control, the price could quickly rise to the $0.1369 resistance level. Continued upward momentum might result in the formation of a 'golden cross' that could elevate the price past the $0.1376 mark.

The daily Relative Strength Index (RSI) for the asset is currently at 48.49, indicating a neutral market condition. This balance means there is no strong bullish or bearish momentum, allowing for price movement in either direction. Additionally, SEI’s Bull-Bear Power (BBP) reading of 0.0028 points to extremely weak bullish pressure in the market. This low value indicates minimal buying strength.