A brief spike has resulted in a recovery wave across the crypto market, with the broader sentiment lingering in fear. Whether it will hold for more gains is the exact question, as the volatility is like riding a roller coaster. The majority of the tokens are charted in the green zone, including Bitcoin (BTC) and Ethereum (ETH).
Among the altcoin pack, SEI has registered a loss of over 3.22% in the last 24 hours. The asset opened the day trading at a high range of $0.1372, and after the bears took control of the SEI market, the price slipped to a low of $0.1296. If the downtrend continues to grow, the momentum may turn harder to recover.
According to the CoinMarketCap data, at the time of writing, SEI traded within the $0.1335 mark. Besides, the market cap was holding at $837.99 million, with the daily trading volume of the asset having plunged by over 39.63%, and reaching the $143.71 million level.
Will SEI Bears Dominate the Market?
SEI’s Moving Average Convergence Divergence (MACD) line is slightly below the zero line, indicating bearish momentum. As the signal line is above the zero line, it may be an early stage of the downtrend easing, and buyers may gain interest. In addition, the Chaikin Money Flow (CMF) indicator settled at -0.08, suggesting mild selling pressure in the market, leaning bearish. With the negative value, the money is flowing out of the asset, and it has weak demand.
The daily Relative Strength Index (RSI) value of SEI is found at 47.42 sits in the neutral zone. The asset has a weakening momentum, but not strong enough to signal an extreme condition. As the market is balanced, neither buyers nor sellers is in control. Moreover, the asset’s Bull-Bear Power (BBP) reading, staying at -0.0035, is mildly negative, close to zero. With the bears having a slight upper hand, the ongoing pressure is very weak.
With the downtrend in progress, the SEI price might fall to a support near the $0.1328 range. Further downside correction would trigger the death cross emergence, driving the price below $0.1320. Assuming a bullish recovery, the price could move up to the resistance at around the $0.1342 level. An extended upside pressure might initiate the formation of the golden cross, pushing the SEI price up above $0.1350.
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