SEIUSDT Market May Remain Below the $0.3534 Threshold

The SEIUSDT market saw a price increase of more than 11%. However, despite this increase, price action in the market is already experiencing a rejection. This is happening even as price activity remains above important technical landmarks.

SEI Statistics:
Current Sei Price: $0.3316
SEI Market Cap: $1,159,024,424
Sei Circulating Supply: 3,524,861,111
SEI Total Supply: 10,000,000,000
SEI CoinMarketCap Rank: 60

Key Price Levels:
Resistance: $0.3500, $0.4000, $0.4500
Support: $0.3000, $0.2500, $0.2000

Headwinds Are Restricting Upside Movement in the SEIUSDT Market.

While price action has seen some notable increases today, the effects of headwinds can also be felt. The ongoing session in the SEI market has seen moderate upside progress. Nevertheless, the corresponding price candle for the session has revealed that downward forces are exerting some pressure.

This can be perceived through the appearance of a long upper shadow on the last price candle on the chart. Meanwhile, the session has taken support above all the Guppy Multiple Moving Average (GMMA) curves. Similarly, the Stochastic RSI lines maintain their upside focus, indicating a volatility spike.

Sei Traders May Exercise Caution

Price activity in the SEIUSDT market remains above all the GMMA lines, yet price action has shown some bearish corrections. Consequently, this has brought the market closer to the GMMA lines as a support level. At the same time, the Stochastic RSI has risen into the overbought region. The indicator lines are converging for a trend reversal in that area.

Technically, the eventual performance on the Stochastic RSI will likely strengthen bearish claims. On the other hand, traders may still want to use bullish crypto signals aiming at the $0.3534 price level, but allowance must be made for a continued retracement toward the $0.3266 price level.

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