- The Sei price has surged 38% from the bottom in the past 2 days.
- SEI crypto price has declined by 60% in the past 3 months.
The SEI price chart has displayed strong selling pressure since mid-March. It has lost around 70 till now. However, the Sei crypto price has developed a V-shape at the bottom.
It has declined by not reaching its last swing high and has slipped below the 200-day EMA. The SEI price has taken support at the $0.25 mark and extended to the 20-day EMA by gaining 38% in just 2 days.
The Sei price declined by 30% in the first 5 days of July, which might be a trick to trap sellers. Furthermore, the price reversed just after the losses with the V-shape recovery.
Sei crypto traded at $0.342 at press time with an intraday gain of 2.55%. The market capitalization was $1.04 Billion, and the 24-hour trading volume was $211.59 Million at the time of writing.
Bullish Flag
$SEI Bull Flag Formation
— Dylan (@DylanTillEth) July 9, 2024
It's one of the top gainers today and recently retested it's yearly support
Keep an eye on it pic.twitter.com/fPnVxNDrai
A source on X displays a ‘bullish flag’ pattern and has retested the yearly low on 1-H time frame. If the price triggers a breakout, it may gain bullish momentum and might rise by taking support on the 20-day EMA.
Bullish Divergence
RSI has generated a bullish divergence in Sei crypto, which might be a sign of a bullish forecast. The RSI is 47, rapidly recovering from the oversold zone and generating a bullish crossover with the RSI-based moving average.
Will SEI Price Retest 200-day EMA Soon?
The SEI crypto price has remained bearish for a wider time frame, but sellers are strong in the short term. The price seems to have grabbed the liquidity below the $0.350 mark and is ready to shoot up.Â
Buyers might be attracted if the digital asset price exceeds the 20-day EMA with a rise in trading volume. Suppose the chart structure manages to attract investors, the price may gain bullish momentum and overcome the 200-day EMA.
On the other hand, if the crypto asset price faces resistance from the 20-day EMA and forms a bearish candlestick, then sellers may show interest. Suppose the price engulfs the previous candlestick, the price may continue the bearish trend for the long term.
Turning to the technical indicators, the RSI has formed a bullish crossover and divergence. MACD has developed a golden crossover with the signal line, and histograms have been converted to green. Overall, technical indicators are in favor of trend reversal.
Reversal or Will Keep Falling?
SEI crypto price has exhibited significant volatility and undergone notable fluctuations. The recent surge of 38% in just 2 days has caught the attention of traders and investors. The emergence of bullish signals, such as the golden crossover in RSI and the potentially bullish flag pattern, indicate the possibility of a trend reversal and a bullish momentum. However, the price still faces challenges, particularly in retesting the 200-day EMA.
Technical Levels
The SEI crypto price is expected to face resistance from the $0.350 and $0.580 levels. The price is expected to take support at $0.230 and $0.140.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
