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- 1 The SEI crypto exhibited a sign of deterioration as the price tumbled from a crucial level.
- 2 The asset has slid below the major 20-day EMA and contingent on the seller’s surge the drop could stretch more.
Sei is the Layer 1 blockchain that is customized for trading, giving exchanges a special advantage.
It is not limited to just AMMs and order books but also involves NFTs and gaming. NFTs are mostly traded on NFT marketplaces, another type of exchange. Most crypto games have built-in exchanges for users to swap the in-game NFTs and tokens.
Exchanges have the biggest network consequence, and whole ecosystems emerge around them. However, exchanges are also the most overlooked application in crypto. They require a special level of dependability, scalability, and speed that no other apps need.
If a big exchange goes offline for a few seconds, it is catastrophic, but the same downtime is much more tolerable for most other application types. Despite the limitations of existing Layer 1 blockchain, exchanges have flourished
SEI volume is $667.06 Million. As per Coinglass, another crypto analysis website, it fell by 9.86% in the previous session. The long versus short ratio for 24 hours is 0.9354. The short liquidation is $304.89 K versus $1.20 million for the long liquidation.
Will SEI Crypto Price Deteriorate Further?
The SEI crypto asset has revealed a bullish trend and showed earlier that it can climb higher and it did climb as well. The crypto has revealed a wonderful recovery as the price rallied from a crucial level earlier of around $0.1500 on the charts.
It has recorded good results in the previous month, and quarter – a 77.41% and 563.50% spike respectively, which implied a steady upward movement on the chart earlier.
Recently, the price was struggling at the supply level and tried to pierce through by following a trendline. However, the SEI crypto exhibited a sign of deterioration as the price tumbled from a crucial level and eventually slipped away from the trendline support and faced strong resistance from around $0.8500 on the charts.
The SEI crypto is probably approaching a severe crash, as it touches the resistance level and plunges from the current support trendline.
At the time of publishing the SEI price is at $0.6704 with an intraday loss of 5.04%. Therefore, if the price slips past the previous swing low at $0.6000, it could decline to lower levels.
Alternatively, if the SEI surges above and demand surges as well then the price could spike again and retest the supply level as well and if crosses the above swing high then could reach $1.0000 as well.
Furthermore, the SEI crypto asset is revealing bearish signs and shows that it has the capacity to sink lower as the previous uptrend got violated from supply and fell.
It has been recorded that the asset has slid below the major 20-Day EMA. In addition, the SEI crypto asset is exhibiting bearish performance as MACD is at 0.0657 with a strong bearish crossover.
The RSI is not close to the 30 level yet and the curve is declining downward from 14 SMA, meaning that the SEI asset is not facing significant buying pressure and can continue to fall.
Summary
The price was struggling at the supply level and tried to pierce through by following a trendline. However, the SEI crypto exhibited a sign of deterioration as the price tumbled from a crucial level and eventually slipped away from the trendline support
The SEI crypto is approaching a severe crash, as it touches the resistance level and plunges from the current support trendline. Therefore, if the price slips past the previous swing low at $0.6000, it could decline to lower levels.
Technical Levels
Support Levels: $0.6000
Resistance Levels: $1.0000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
