SEI Price in Pullback Zone: Can SEI Crypto Make it Big?

• The SEI price has risen by 50% since September and smashed the key moving averages.
• A bullish divergence has developed in key moving averages, which could be a bullish signal.

On a wider time frame, the Sei (SEI) price has witnessed strong selling pressure since Q2 2024. The bearish trend has halted near the $0.250 hurdle and displayed buying momentum after 3 months of consolidation.

After mid-September, the SEI price has risen by 80% by overcoming the 200-day exponential moving average (EMA).

The recent bullish trend has disturbed near the $0.500 territory and showed a pause. However, the price has triggered a pullback by taking support on the 200-day EMA. The price might remain bullish over the 200-day EMA. Let’s find out how the price performs after the pullback.

Can We See a Bounce Back in SEI Price?

Alpha Crypto Signal (@alphacryptosign) is a cryptocurrency analyst. He claimed that the SEI price is at the major support level of $0.420.

In a 4-H time frame, the price is testing the both horizontal level and an ascending trendline. Suppose the Sei crypto price closes over this level; it could generate a bullish signal.

$SEI is currently testing both its horizontal support & trendline support. If the 4H candle closes above this level, we can consider opening a long position. The target would be the top of the ascending channel. Price dropping below the trendline support will invalidate the plan. pic.twitter.com/QzGbgUqioZ

— Alpha Crypto Signal (@alphacryptosign) October 9, 2024

The price may extend to the top of the channel once it defends the major support level. It may corrupt the plan once the price starts trading below the major support level.

Can the SEI Price Reclaim the $1 Mark in 2024?

SEI crypto was trading at $0.419 at press time, dropping by 3.17% over the past 24 hours. The market capitalization was $1.47 Billion, and the 24-hour trading volume was $277.89 Million. The trading volume has dropped by 31.25% in an intraday session.

The close look-up has shown that the price has triggered a strong breakout from a descending trendline. After a breakout, the SEI price has stretched enough, and a short-term correction might be seen.

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If the digital asset price surpasses the $0.500 hurdle, it could be a bullish signal. The bullish momentum can be disturbed near the $0.700 mark. Smashing this zone could lift the price to the psychological level of the $1 mark.

Buyers might panic once the SEI network price slips below the 200-day EMA. Assuming the price is below the key moving averages, most investors may prefer to book profit. Profit booking could have a negative impact on the SEI price.

Turning to the technical indicators, the RSI has displayed a death crossover with the RSI-based moving average. However, it has shown a bullish divergence in the wider frame. The SEI price has surpassed the key moving averages, which might invite bulls.

SEI Price Analysis and Forecast

SEI price is currently in a pullback zone after a significant price rise. The bullish divergence in key moving averages and the breakout from a descending trendline indicate the potential for further upward movement.

However, monitoring the price’s behavior around the $0.500 and $0.700 levels is essential. If SEI surpasses these hurdles, it could signal a bullish trend with the potential to reach the $1 mark.

On the other hand, sustaining below the 200-day EMA may lead to profit booking and negatively impacting the price. It’s also important to consider the technical indicators, such as the RSI, which has displayed mixed signals.

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.