- SEI currently trades close to support at $0.1102, along with a market capitalization of $715.6 million and a daily volume.
- When the pressure for the downside diminishes, the buy signals in the TD Sequential appear, indicating that some sort of temporary consolidation might occur.
- Recapturing the 20-day moving average may unlock a way to break through $0.16.
SEI price is trading at $0.1103 today, recording a 24-hour trading volume of $54.81 million. The value of the market capitalization of the SEI token stands at $715.60 million with a market dominance of 0.02%. The token has fallen by 1.98% over the past day.
Despite the recent drop, SEI is starting to attract renewed interest as it has shown signs of stabilization in the daily chart. Despite the major cryptocurrencies getting all the media hype, the slowing drop has drawn interest to a possible short-term reset.
SEI Enters a Critical Chart Zone
According to data shared by Ali Charts, SEI is preparing for a bounce as TD Sequential has shown a series of “buy” signals on a daily chart basis. This technical signal often appears when the selling pressure starts to subside, and the downtrend is close to completion.
The price of SEI has been coming into a range that has served as a strong support level in the past. Instead of a continuous descent, the current movement has flattened, indicating that sellers are currently struggling to drive the price of SEI downwards.
This shift does not guarantee an upside move, but it does suggest the market is pausing to reassess direction. Historically, such pauses often occur before a larger move takes shape.
Also Read | Sui Network Adoption Expands With ETF Push: SUI Eyes a Breakout Above $1.79
Familiar Support Level Comes Back Into Focus
Crypto analyst Michael van de Poppe recently pointed out that prices are currently near a range that existed shortly after the token’s listing on the market. This range has appeared on several occasions on the charts and is still being supported by buying pressure.
Rather, a sideways action begins as SEI moves just above the price of $0.11, reflecting an initial equalization between the buying and selling forces. Although the buying force is not enthusiastic, it has been preventing a breakdown.
This is indicative of market efforts to seek stabilization after experiencing setbacks for weeks. While the reversal is yet unclear, the weakening downtrend is why the recovery is still in play.
20-Day Moving Average Remains the Key Barrier
Although it has managed some form of stabilization at an early stage, SEI still lingers below its 20-day moving average. This is a threshold that has constantly thwarted breakout attempts over the past few weeks as a clear resistance ceiling.
Van de Poppe emphasized that a return to this level would be a significant technical move. A break above the 20-day mean on a daily close could be a sign of a positive momentum shift.
If SEI can break through the level and hold momentum, the next area of resistance will be around the region of $0.16. This level was a turning point and would be the first level to test if the price continues moving higher.
Also Read | Ethereum Selling Pressure Builds as Arthur Hayes Shifts $2M Into DeFi Tokens
