- SEI token had a robust security score of 90.51, as per Certik Skynet.
- The token had a strong market presence of 0.05% in the global crypto market.
The Sei (SEI) crypto currently holds a market capitalization of $899.26 Million. This positioned it as the 64th largest cryptocurrency in the global market. Its strong liquidity is reflected in a volume-to-market cap ratio of 8.3%, underscoring the token’s active trading environment.
The SEI price remains highly volatile, with a volatility rate of 9.4%, indicating the potential for unpredictable price swings. This volatility was combined with a high supply inflation rate of 83.33%. It has led to a circulating supply of 3.3 billion SEI tokens and a fully diluted market capitalization of $2.731 Billion.
Additionally, a recent decline in trading activity was observed, as the trading volume of SEI crypto dropped by 7.3%. This brought the traded value to $74.29 million. Despite this decline in trading volume, the token’s market cap increased by 4.05%, suggesting sustained investor interest.
Over the past few months, the SEI crypto has experienced a consistent decline in price. However, despite this downturn, the token remains up by 118% from its low point last year. This reflected its resilience and long-term growth potential.
SEI Crypto Witnesses Bulls Dominance In Derivatives
In recent days, the SEI crypto has experienced a decline in liquidation activity. Notably, a higher volume of short positions was liquidated within the last 24 hours, amounting to $46.65K.
In comparison, long positions worth $19.09K were liquidated, highlighting the dominance of bullish sentiment in the market.
The token’s derivatives market has also seen a significant uptick. Over the past 24 hours, derivatives trading volume surged by 22%, reaching a traded value of $130.26 million.
This rise in activity was accompanied by a 21.5% increase in open interest. It indicated growing participation and interest in the token’s futures market.
Will SEI Coin Price Give Multifold Returns To Its Investors?
The SEI coin price has declined from its previous highs, forming a lower-low swing on the daily chart. This downtrend has been marked by a falling wedge pattern, further reinforcing the bearish sentiment surrounding the token’s price action.
SEI crypto experienced a notable rally, reaching a swing high of $1.1455 on March 16, 2024. However, following this peak, the token encountered consistent profit-taking, which triggered a prolonged downward trend. The steady decline has erased much of the gains from its earlier rally.
Based on the current price movement, the SEI coin price seems to continue its downward trajectory soon. It could possibly test lower support levels. The market’s reaction at these key levels will be crucial in determining the next phase of SEI’s price direction.
What Do Technical Indicators of the SEI Crypto Indicate?
The technical indicators for the SEI crypto continue to project a predominantly bearish outlook. It has aligned with the ongoing downtrend in its price action.
SEI/USD Chart by TradingView
On the daily chart, the 50-day and 200-day EMAs have been locked in a prolonged death cross, signaling sustained bearish pressure. The SEI price has remained below these key moving averages, reinforcing its lower-level position.
The MACD and signal lines have also stayed in negative territory for an extended period despite recently forming a golden crossover. While this crossover typically signals a potential shift, it indicates a neutral stance. Additionally, it lacks the strong bullish momentum needed to reverse the downtrend.
Additionally, the RSI has been tracking a bearish cycle, facing resistance at the 50 level before continuing its decline. Recently, the RSI has entered the oversold zone, further underscoring the token’s weakness in the market.
Key support levels for the SEI token have been established at $0.090 and $0.20. At the same time, resistance is expected at $0.650 and $1.060. These levels will be critical in determining the token’s future price movement and a potential reversal or further decline.
Disclaimer
This article is for informational purposes only and does not provide any 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.
