The cryptocurrency SEI, after achieving a record high, has shown signs of a downward momentum and is now fluctuating within a specific price bracket, hinting at a potential 18% decline from its peak. Despite the initial surge that brought significant returns to investors, the asset’s value has been slipping, causing concern about its immediate future.
SEI’s Volatile Price Movement
SEI’s value journey showcased a 345% climb, positioning it as a high-gain crypto asset over a brief period. Nevertheless, following its summit of $1.03 on December 18, 2023, SEI’s value dipped to $0.56, and despite a short-lived recovery to $0.94, it could not hold the momentum, leading to a further fall.
The altcoin’s resilience at the $0.88 resistance level could potentially reverse the current bearish trend and accelerate the price to previous heights. For a positive shift, SEI needs to establish a strong foothold at this pivotal price point.
Predicting SEI’s Support and Resistance Levels
Analysts have pointed to a 20% price plunge in SEI, although an uptick in Bitcoin‘s value could disrupt this negative trajectory. Should SEI transform its $0.88 resistance into a support level, it could spell the end of the bearish trend and trigger a price surge.
While there is a consensus on SEI’s potential drop, Bitcoin’s market movements may play a crucial role in determining SEI’s fate. If the coin manages to convert the $0.88 threshold into a support level, it may invalidate the predicted slide. Critical monitoring of SEI’s fluctuations around these crucial junctures is advised for investors, especially considering the possibility of a descent to the $0.70 mark.
Currently, SEI trades just below the key resistance, with investors eyeing the $0.88 mark to determine if the downtrend will continue or if the coin will rebound.