Amidst overall pressure in the crypto market, SEI bucked the trend and rebounded. Foreign media reported that the token surged by over 9% at one point, with a significant increase in trading volume, indicating a short-term buying rebound. However, from a longer-term perspective, SEI remains under strong selling pressure, and whether this recovery can be sustained remains to be seen.
A counter-trend rebound occurred amidst a weakening market.
The report noted that the global sell-off in risk assets, driven by tech stocks, continued, dragging down the crypto market as well. Bitcoin briefly fell below $60,000, leading to increased market volatility. Against this backdrop, the SEI rose to approximately $0.057, with daily trading volume exceeding $61.26 million, indicating a short-term return of funds.
The SEI previously experienced a rapid decline of approximately 37% this month, after which prices entered a slow upward channel, with consecutive higher highs and lower lows. In the short term, this typically indicates that the rebound momentum is recovering.
$0.065 to $0.078 becomes a key resistance level.
However, the article argues that the resistance zone above remains clear. The SEI is approaching a densely traded area between $0.065 and $0.078, a range close to $0.08, which was also where selling pressure was previously concentrated.
Foreign media pointed out that similar rebound structures have appeared in the past, but prices encountered a significant pullback before reaching key resistance levels and failed to break through. In other words, even if the short-term trend improves, the SEI may still form a new high before pulling back again.
- Current resistance level to watch: $0.065 to $0.078
- Further confirmation of the strength threshold: reaching $0.08
- If the breakout fails, the price may continue to consolidate within a range.
Momentum indicators are strengthening but still need to be confirmed by increased trading volume.
From a technical perspective, the article mentions that the Relative Strength Index (RSI) continues to rise, indicating that buying momentum has strengthened; the Money Flow Index (CMF) has also risen above the zero line, reflecting that liquidity is returning to the asset.
However, these signals primarily indicate a short-term correction is underway and are insufficient to confirm a trend reversal on their own. Foreign media believe that if the SEI fails to break through $0.08 with increased volume, the price may remain within a narrow consolidation range, and any further upward attempts will be delayed.
