- The Sei crypto price has advanced by 20% in the past 3 days and reached the 20-day EMA level.
- This layer-1 blockchain network’s year-to-date transaction fees hit the lowest level.
Sei (SEI) has impressed crypto-enthusiasts by maintaining the lowest transaction fees throughout 2024. Besides, the Sei crypto price has experienced slow and steady buying pressure since August. It has been rising in higher highs and higher lows. The SEI price has recently slipped below the 20-day EMA and took support on the trendline.
After the support on the trendline, the SEI token price has gained bullish momentum but is struggling to surpass the 20-day EMA. The chart structure displayed a dip of 20% on December 09. However, buyers joined the game and dominated sellers. Let’s see how the SEI price may react near the 20-day EMA.
SEI Transaction Fee at the Lowest
Sei crypto network provides most cheapest transaction among most of the blockchain networks. Its YTD transaction fee has dropped to $0.0004. The SEI blockchain consistently maintained the lowest average transaction fee throughout the year, dramatically underpricing its competitors.
Its transaction rate is 100 times cheaper than Solana. The current Solana transaction fee is $0.0410 per TXN. However, SUI Network provides the second cheapest transaction rate at $0.0040. It was 10x higher than SEI Network. Its transaction rate is lower than new blockchains like Aptos and Arbitrum (ARB).
Could SEI Price Reclaim $1 Mark Amid This Bull Run?
When writing, Sei crypto was trading at $0.600 and has remained neutral over the past 24 hours. This coin’s market capitalization was $2.39 billion, and the 24-hour trading volume was $262.08 billion.
If the SEI price surpasses the 20-day EMA, it could be a bullish sign. Any good bullish candlestick could lift the price to the $0.700 territory. Once the price dominates this zone, a decent bullish momentum could be observed. Here, buyers might eye for the $1 mark if trading volume supports this move.
Conversely, if buyers fail to lift the price over the 20-day EMA, sellers may dominate. If the price loses the trendline, a selling scenario could be generated and drag down the price to the 200-day EMA. Suppose buyers fail to defend the 200-day EMA, a profit booking scenario can be generated. Here, profit booking could lead to a sharp selling.
SEI Price Prediction Based on Its Technical Chart
Sei crypto has recently demonstrated significant bullish momentum, advancing by 20%. Additionally, it found support on a key trendline after struggling below the 20-day EMA. The low transaction fees offered by the SEI blockchain average just $0.0004.
The potential for SEI’s price to reclaim the $1 mark hinges on its ability to surpass the 20-day EMA and maintain strong trading volume. However, failure to break this key resistance may result in a bearish scenario, leading to a decline towards the 200-day EMA.
As market dynamics evolve, the balance between buyers and sellers will be crucial in determining SEI’s price trajectory in the coming days.
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.
