Key takeaways
- SEI is considered one of the finest performers amongst the high 100 cryptocurrencies by market cap, up almost 2% in the final 24 hours.
- It may rally to the $0.2 stage regardless of the bearish market situations.
SEI outperforms the broader crypto market
SEI, the native coin of the Sei ecosystem, is considered one of the finest performers amongst the high 100 cryptocurrencies by market cap. It added almost 2% to its worth over the final 24 hours and now trades round $0.17.
There isn’t any catalysts behind SEI’s newest optimistic efficiency as the broader crypto market underperforms. Bitcoin and different main cryptocurrencies are at present in the purple as the ongoing battle in the Middle East continues to have an effect on the broader monetary markets.
The complete cryptocurrency market cap has declined to $3.25 trillion, down 1.54% in the final 24 hours. However, SEI is the finest performer in the high 100 because it added 2% to its worth throughout that interval.
SEI targets the $0.2 resistance stage
SEI may rally larger in the close to time period if the bulls stay in management. The technical indicators are turning optimistic, however SEI continues to be topic to occasions in the broader cryptocurrency market.
If the bullish momentum will increase, SEI could possibly be testing the $0.2 resistance stage in the coming hours or days. However, with the broader market nonetheless bearish, SEI may probably retest the $0.15 assist stage quickly.
The MACD continues to be inside the unfavorable territory, indicating that SEI continues to be bearish in the larger timeframe. Furthermore, with an RSI of 42, SEI continues to be in the offered area and will expertise additional promoting stress if it doesn’t hit the 50 RSI stage quickly.
However, the market may seize liquidity round the $0.1871 area earlier than any downward motion. Traders ought to control immediately’s FOMC as that might play a key function in SEI’s efficiency in the close to time period.
