SEI is currently trading at $0.1211 and has fallen by 4.72% in the past day. The trade activity has also been cooled down. The trading volume is decreased by 31.31% and is currently standing at $59.37 million. Its decline indicates a weaker short-term momentum.
SEI has been strong in the past week in spite of the daily decline. The price of the coin has increased by 8% over that time. The recent profits show continuity of buyer interest despite near-term softening of the situation.
Source: CoinMarketCap
SEI Shows Clear Shift Toward Bullish Structure
Analyst Alpha Crypto Signal noted that SEI had been trading in a declining channel. The price action was tightening towards the upper limit. The weakening of downside pressure also took place. The entry of the buyers helped to push SEI higher to the previous threshold of $0.1361 and guaranteed a clean breakout. A high acceptance was observed above the channel with no significant retest.
Source: X
The analyst further remarked that resistance that existed in the past is now becoming support. This change affirmed a transition to bullishness. The participants in the market regarded the move as a managed response by the traders that were close to the trendline. The analyst opined the arrangement correlated with a high probability reversal and boosted belief in the trend reversal of the token.
Crypto analyst BullishBanter highlighted that after the sell-side sweep there was a visible response by SEI. The move altered the market structure and led to a spike in demand again. An imbalance was established on the rebound. The analyst mentioned that staying above the fair-value gap would leave the road open to the next supply area.
Source: X
Also Read: Sei Network’s Smart Contracts Growth Could Push the SEI Toward $0.155 Target
SEI Technical Indicators Show Early Momentum Signs
CoinGlass data shows that trading volume dropped 13.80% to 179.39 million dollars. Open interest also declined 11.47% to 84.91 million dollars, pointing to reduced leveraged participation. The OI-weighted funding rate is at 0.0032 percent, indicating a neutral trader stance.
Source: CoinGlass
The Relative Strength Index is 49.16 compared to 48.14 of the signal line. These readings have put SEI at a neutral position with no indication of selling or buying pressure. There is slight movement in the MACD. The MACD line is at 0.0023, and the signal line is at -0.0001. The histogram is close to being -0.0024, which indicates early momentum.
Source: TradingView
Also Read: XRP Struggles at Critical Resistance Despite Bounce From Support
