SEI is testing the lower boundary of a descending channel on the weekly chart, placing the token at a critical technical support zone.
According to the crypto analyst Jonathan Carter, the bulls are actively defending this level, with the price structure holding firm despite recent pressure. Early signs of stabilization suggest weakening bearish momentum and the potential emergence of a reversal scenario.
Source: Jonathan Carter’s X Post
If the support continues to hold, the token may start its recovery phase with potential upside targets at $0.105, $0.145, $0.205, $0.360, and $0.480. These are the key resistance levels where the potential direction might be determined.
However, if the price breaks below the support, then the above view would be rendered invalid, making the current level a crucial level in determining the direction of the asset.
Also Read: SEI Remains in Corrective Phase as Elliott Wave Pattern Keeps Price Under Pressure
According to TradingView, the token has a consistent bearish trend, where the price action has constantly stuck to the lower Bollinger Band.
Currently trading at $0.05566, the asset has a stable position below the 20-day moving average at $0.06346. This further confirms the high bearish momentum with increasing volatility, where the bears are in total control of the market prices.
Source: TradingView
The MACD indicator also confirms the bearish view by showing that the MACD and the signal lines remain stuck in the region below the zero level.
Although a brief bullish signal was seen in early March, the recent decline of 5.51% has seen the histogram turn red once again. This shows that a major trend change is not seen in the MACD lines.
Apart from this price movement, the global crypto exchange platform, Kraken, has added support for multiple chains, with users now able to deposit or withdraw USDC and USDT0 on the Sei EVM network as of Wednesday, March 25.
This move comes in response to the growing need for efficient blockchain services in the modern digital asset space.
Source: Sei’s X Post
Sei, a high-performance blockchain, has been advancing its ecosystem by offering Ethereum Virtual Machine compatibility, which has helped the blockchain attract developers and liquidity.
Kraken’s integration has helped to build on the momentum by offering a gateway to decentralized finance, allowing traders to execute trades in a more efficient manner in the competitive crypto landscape globally.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Sei Builds Strong Base: 3 Bullish Signals as SEI Giga Sparks Momentum
