The cryptocurrency SEI remains entrenched in a bearish trend with its price struggling near $0.063, according to recent technical analysis. Selling pressure continues to dominate as the token trades below all major moving averages, with no significant buyer activity observed. Analysts note that a defined Elliott Wave pattern is absent due to the lack of clear support, suggesting further weakness until a decisive five-wave reversal pattern forms.
The cryptocurrency SEI continues to face significant selling pressure with no signs of a bullish turnaround. Analysts state that buyers have not entered the market and the overall structure suggests a persistent downtrend.
At publication, SEI was trading near $0.063, with a 24-hour trading volume of $26.6 million and a market capitalization of $433 million. The token’s minor decline over the past day highlights continued weakness and persistent downside risk.
Crypto analyst More Crypto Online shared an update, noting there has been no significant attempt by buyers to take control. “The structure, as a whole, continues to be firmly in a downtrend, making it difficult to use an Elliott Wave count as there are no significant support levels,” the analysis stated.
The analyst stressed that to see a change, SEI will need to move above a major trend line. Until such a move occurs, the trend is considered bearish, requiring a five-wave move to signal a base is forming.
Technically, SEI is trading below its 20-day, 50-day, 100-day, and 200-day moving averages. Momentum indicators like the Relative Strength Index remain below neutral, reflecting subdued demand.
The Moving Average Convergence Divergence (MACD) indicator remains in negative territory. However, its histogram has shown a slight positive movement, indicating the rate of decline may be slowing.
For now, sellers remain firmly in control of the SEI market. A breakout above resistance levels with increasing momentum is required before any signs of a strong turnaround can be observed.
