SEI token price remains in a slump after a continuous sell-off since its launch. However, the bulls are finally chipping in after an intense downtrend, and the price is up 5.86% this week. Technical analysis reveals that the bulls may target $0.17 soon.
On Wednesday, SEI crypto surged 7% as the buyers stepped in. The digital asset also outperformed Bitcoin, which remained sideways. At press time, the SEI coin is trading at $0.135, which is a fresh weekly high. The positive price action comes at a time when most altcoins are in a downtrend.
According to DeFi Llama, SEI Network is way behind other blockchains in terms of the total locked value. There is only $3.23 million locked on the network, which is just a fraction of the $38 billion locked across all blockchains. The low TVL means that there is very little on-chain activity.
SEI token price is currently trading 72% below its all-time high. After an initial pump on the listing day, the coin has seen a constant sell-off. The weakness in Bitcoin price further intensified the sell-off. However, the coin is showing a good recovery this week.
As mentioned in the title of this article, SEI token price prediction appears to have flipped bullish on the lower timeframe. On an hourly chart, the price has broken the bearish market structure by making a higher high. Bulls may target the $0.15 resistance level in the coming days.
If the overall market sentiment turns bullish, another retest of the $0.17 also seems to be on the cards. The invalidation of these bullish price targets will be a breakdown below $0.1214, which is a strong support level.
I’ll keep posting my updated SEI coin along with my personal trades on Twitter, where you’re welcome to follow me.
This post was last modified on Sep 07, 2023, 10:36 BST 10:36