Sei Price Dropped 45% In A Week And Volume Surged By 210%

• The SEI price has melted to the lower low territory and reached a major support level.
• SEI token’s price has declined by 35% this month and slipped below the 20-day EMA.

Since mid-March, the Sei crypto price has performed negatively and dropped by more than 80%. It has declined through a descending channel. It has faced resistance from the upper trendline and witnessed a massive bearish trend.

The buyers have attempted to exceed the trendline multiple times, but sellers prevented it. From mid-June, the buyers have tried many times to surpass the crucial level of $0.3700 but couldn’t. The price has departed from the crucial level and displayed the bears’ grip.

When writing, the Sei crypto traded at 0.215 with an intraday loss of 14%. It had a market capitalization of $681.14 Billion with a fully diluted market cap of $2.14 Billion.

The 24-hour trading volume has increased by 210%, and the circulating supply is 3,175,000,000 SEI. The SEI price has risen by 2497% from its ATL and has dropped by 81% from its ATH.

The support level of $0.220 would be the last hope for the buyers to bounce back. The price below this level would be a sign of a bearish forecast.

Is SEI Price Ready to Shoot Up Soon?

A source on X claimed that the Sei crypto price may bounce back from the bottom. In a 4-H time frame, the SEI price has dropped to the key horizontal support level. The RSI has melted to the oversold zone and generated a bullish divergence. Based on these scenarios, the SEI price may shoot up soon.

Technical Analysis of Sei Crypto Price Over 1-D Timeframe

Based on the technical chart, the SEI price has remained bearish for the past few months. The price has kept declining toward the lower lows and lower highs and reached the major support level of $0.230. 

Suppose the digital asset price takes support on the major support level of $0.230, buying momentum can be initiated. Alternatively, sellers may keep dominating if the SEI price slips below this level, and the price may melt to the $0.100 hurdle.

Turning to the technical analysis, the MACD has generated a death crossover with the signal line, and the histograms have been flipped to red.

Will SEI Price Rebound or Keep Falling?

In conclusion, the SEI crypto price has experienced a significant bearish trend, dropping to the major support level of $0.230. The price decline has been substantial, with a 35% drop this month and an overall decrease of more than 80% since mid-March.

On a positive note, there are indications that the SEI price may rebound soon. 

From a technical analysis perspective, the MACD has generated a death crossover with the Signal line, and the histograms have turned red, signaling a bearish trend. 

Technical Levels

The SEI price may face resistance from the $0.370 and $0.450 levels. It may take support at the $0.230 and $0.140 mark.

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.

Pratik Chadhokar