SEI is currently exhibiting mixed signals in its price action, as observed by crypto analyst Crypto_Jobs in his analysis. The price of SEI hovers around $0.4119, with the token facing resistance at key levels while maintaining a bullish outlook for the mid-term.
The analysis points to both potential bullish and bearish scenarios in the short and mid-term, with critical support and resistance levels shaping the outlook.
What you'll learn 👉
Resistance Levels at $0.4200-$0.4250
The analysis highlights a key resistance zone between $0.4200 and $0.4250. This zone corresponds to the 50% Fibonacci retracement level. Besides, it also aligns with the daily neutral zone, likely linked to the Tenkan and Kijun lines in the Ichimoku Cloud system.
Prior support at this level has now become resistance, and a bearish retest could occur if SEI fails to break above this area.
Crypto_Jobs suggests that unless bulls push the price past $0.4200, the token may experience short-term bearish pressure. Watching for any bearish rejection around this resistance will be crucial, as a failure to break through could trigger a consolidation or downward movement.
Support at $0.3600 Remains Untested
On the downside, SEI has a critical support level at $0.3600, which has yet to be tested. According to the analysis, this level is key for a potential pullback if the price gets rejected at the current resistance.
Although the mid-term outlook remains bullish, there is uncertainty regarding whether SEI will first move down to test this support before resuming its upward trajectory.
The analyst notes that while the token could see further bullish momentum, traders should remain cautious of the possibility of a retest at this support zone.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Expert Warns of Further Bitcoin (BTC) Price Dip: Here’s Why
Short-Term Bearish Setup on Lower Time Frames
On shorter time frames, such as the H1 and H4 charts, SEI shows signs of a potential bearish setup. Crypto_Jobs points to possible consolidation or downward movement in the immediate term, especially if the token fails to clear the $0.4200 resistance.
The price appears stuck below a downtrend on these time frames, signaling the need for bulls to gain strength before any further upward movement. Despite these short-term concerns, the mid-term outlook remains positive, provided the price breaks through key resistance levels.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
