- SEI drops 8.85% as trading volume spikes 45% to $289M â signs of rising volatility.
- RSI drops to 51.41 from above 65, while MACD signals a fresh bearish momentum shift.
- Despite signals turning bearish, 85% of traders still expect a bullish SEI breakout.
The price of SEI is currently around $0.315, which is just above the important $0.310 support zone. The price of the digital asset fell by 8.85% in one day, but the trading volume rose to $289 million in 24 hours, which is more than 45%. This behavior suggests that the market is becoming more volatile and that people may start selling in a panic.
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Technical analysis shows that a bull flag pattern is forming inside a bigger channel that has been going up since early July. Even though the price has gone down recently, it is still in the larger uptrend. But the daily chart shows that there is more short-term selling pressure because there are several large red candles.
Support is still strong between $0.310 and $0.3289, and if that zone breaks, there is more support at $0.2800. It is important to stay above this area to keep the bullish outlook.
Market Commentary from X Shows Important Technical Outlook
On X, analyst CryptoJobs3 said that the current SEI structure is “very neutral” on the higher time frame. He said that SEI is trading in a possible bull flag pattern and is still moving up in a bigger uptrend channel on the 4-hour chart.
The analyst said that $0.3200 and $0.3100 were important support levels. He also said that if the price stayed above $0.3100, it would be a good sign for a possible bullish continuation. He did, however, warn that SEI could test the $0.2800 level again if there is a lot of selling pressure. This level is at the lower end of the long-term support range. Traders are looking for prices to stay stable above $0.3100 to confirm that the pattern is still strong.
Signals are Pointers in Declining Impetus
RSI is now 51.41 and this implies that the earlier bullish mood is on slow and to a level of above 65 in the recent past. It is already below the neutral point of 50 but at a level that would not trigger a bearish trend, a further decline would trigger a negative period.
The MACD line crosses below signal line and this is a bearish crossover. Histogram has also declined which depicts that the short run momentum is bearish. In case these conditions remain unchanged, the probability that a breakdown will occur below the significant 0.310 level increases.
Even with these signs, the community is still feeling positive. Social data shows that 85% of traders still think things will turn out well, which is a sign of hope based on recent performance.
