The altcoin project SEI, which has enabled investors to make significant gains in the world of cryptocurrency, had reached a record high of $1.03 on December 18, 2023. However, the cryptocurrency has been on a downward trend since that day. It is also moving within a certain price range. A fluctuating course is observed for SEI, with a potential 18% drop indicated. Let’s take a look at the analysis.
Could Altcoin SEI Experience a Drop?
The price of Altcoin Sei has recently experienced a remarkably impressive rise, achieving a gain of 345% in a short period. However, recent developments suggest that SEI may now be entering a downward trend.
After reaching a distinct peak of $1.03 on December 18, 2023, SEI’s price went through 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 resistance level of $0.88 turning into support could invalidate the downward trend. It could also enable SEI to progress towards higher levels again. 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 an increase 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 to higher levels.
In conclusion, while the expectations for a decline in the price of altcoin SEI seem 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 rise in prices. Investors should closely monitor the performance of altcoin SEI at these critical levels. In the event of an 18% drop for SEI, the price could fall to the $0.70 level.
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.
