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The altcoin project SEI, which has enabled significant gains for investors in the cryptocurrency world, broke a record by reaching $1.03 on December 18, 2023. However, since that day, the cryptocurrency has been on a downward trend. It has also been moving within a price range. A fluctuating course is observed for SEI, and a decline of 18% is indicated. Let’s take a look at the analysis.
Could Altcoin SEI Experience a Downturn?
The price of Altcoin Sei has recently experienced a remarkable rise, achieving an impressive gain of 345% in a short time. However, recent developments suggest that SEI may now be entering a downward trend.
After reaching a significant peak of $1.03 on December 18, 2023, SEI’s price experienced a decline to $0.56. Following a brief consolidation, SEI recovered to a level of $0.94. However, this high level could not be sustained, and prices fell below $0.88 after a 10% drop.
For Altcoin SEI, the $0.88 resistance level turning into support could invalidate the downward trend. It could also enable SEI to move back towards higher levels. However, for this to happen, SEI needs to consolidate strongly at the $0.88 level.
What Levels Could SEI Drop To?
Technical analysis shows that SEI is on a downward trend and has experienced a 20% collapse. However, a rally in Bitcoin’s price could threaten SEI’s downward trend and lead to a rise in prices. In this case, SEI turning the $0.88 resistance level into support could eliminate the bearish scenario and allow prices to move back towards higher levels.
In conclusion, while a downward trend for Altcoin SEI’s price seems logical, a possible rally in Bitcoin’s price could affect this scenario. However, SEI turning the $0.88 resistance level into support could invalidate the downward trend and allow for a price increase. Investors should closely monitor SEI’s performance at these critical levels. In the event of an 18% drop for SEI, the price could fall to $0.70.
At the time of writing, the price of Altcoin SEI is trading at $0.86. As mentioned above, $0.88 is a critical resistance level for SEI.
