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- 1 SEI price dragged toward the demand zone of the $0.5200 mark.
- 2 Technical indicators suggest a possible rebound.
The SEI price signified the follow-decline and dragged toward the 200-day EMA mark, directing underperformance for the past sessions. However, the trend is neutral, and a pullback is anticipated.
Following the market bearishness, the token has witnessed retracement, sellers have added short positions, and buyers are staying on the backfoot. However, there is a make-or-break situation for the buyers to hold out the gains ahead.
At press time, the SEI token (SEI) price traded at $0.5223 with an intraday drop of 1.28%, reflecting follow-on selling pressure for the past sessions. It has a monthly return ratio of -32.20% and 715.35% yearly.
The pair of SEI/BTC is at 0.00000902 BTC, and the market cap is $1.40 billion. Analysts are neutral and suggest that the SEI crypto may hold the gains and will replicate a bounce soon.
Will SEI Price Retain Gains Beyond $0.5500 Mark?
The SEI token remained under pressure for weeks, and sellers dominated the battle. Additionally, the token replicates sharp retracement from the supply region of $0.9000 and corrected over 35% in the last month.
However, the token has regressed to the 200-day EMA mark, and a double bottom pattern was spotted on the charts.
The trading volume remained lower, signifying low investor interest and fear among the investors. The intraday trading volume dropped over 13.27% to $217.83 Million.
Per the analysis of technical indicators, 14 indicators have given a sell rating, 10 have given a neutral call, and 2 have given a buy call.
Price Volatility and Weighted Sentiment Outlook
Amidst the price retracement, the price volatility curve stayed below the midline, signifying lower selling pressure this week. The price volatility curve dragged over 3.78% to 0.02.
However, the weighted sentiment looks neutral, and the curve stays close to the midline, near -0.363. The selling pressure remained intact until the token had not crossed the $0.5500 mark.
Development Activity and Derivative Data Insights
The development activity data signified a consistent up move and stayed above the midline. It was around 56.74, displaying significant trading and investor activity over the past few weeks.
However, the derivative data showcased long unwinding data, and the open interest dropped over 1.23% to $51 million during the intraday session. Per the Fib levels, the SEI price trades near the 23.6 % support zone and has slipped below the mid-Bollinger Band, directing underperformance.
The total supply of SEI crypto is 10 billion, whereas the volume-to-market cap ratio is 0.157, ranked 67 in the global crypto market cap.
Summary
The SEI price trades near the demand zone of $0.5200 and is readying for a significant bounce. Moreover, the correction has ended, and buyers have begun accumulation, which may lead to a short-term bounce ahead.
Technical Levels
Support Levels: $0.5100 and $0.5000
Resistance Levels: $0.5400 and $0.5500
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
