Sei’s worth has been in a robust downward development over the previous few months, however technical and basic indicators counsel {that a} rebound could also be potential.
Sei (SEI), a layer-1 token, dropped to a low of $0.1722 this week, down over 70% from its highest stage in December.
Based on DeFi Llama, Sei’s decentralized finance or DeFi ecosystem is firing on all cylinders.
The entire worth locked within the community jumped to a file excessive of $340 million — a big enhance contemplating it bottomed at $170 million in February. That is additionally a serious achievement since most layer-1 and layer-2 networks have shed property in the course of the ongoing crypto crash.
Most gamers within the Sei ecosystem have added property this month. Yei Finance, a high lending protocol within the community, has gathered practically $200 million in property, up 90% from the identical interval final month.
Sailor, a DEX community, holds $53 million in property, whereas Stargate, Dragon Swap, and Avalon Labs have additionally added property.
Sei’s worth might also get a lift from rising demand for the token. Donald Trump’s World Liberty Monetary not too long ago acquired SEI tokens price over $100,000 — an indication that the staff sees worth within the token.
Sei worth technical evaluation
The day by day chart exhibits that SEI’s worth has been in a robust downtrend over the previous few months. It dropped from a excessive of $0.7343 in November to a low of $0.20 this month. The token stays under the 50-day and 25-day Exponential Shifting Averages.
The token has shaped a double-bottom sample at $0.2038, with a neckline at $0.7343. A double-bottom is without doubt one of the hottest bullish reversal patterns out there.
SEI has additionally shaped a bullish divergence sample. The MACD indicator has continued rising at the same time as the worth has fallen. Equally, the Relative Energy Index has shaped a sequence of upper highs and better lows.
Due to this fact, the token will probably bounce again within the subsequent few days, with the following level to observe being at $0.7343, its highest swing in December. This goal is about 265% above the present stage. A drop under the help at $0.180 will invalidate the bullish view.
