The cryptocurrency Sei is experiencing one of its longest sustained downtrends, with nine consecutive weeks of declining prices. Technical analysis suggests sustained selling pressure since its 2024 peak could lead to a retest of support near $0.035 to $0.04. However, some traders note a potential for a rebound if the price holds within its current daily chart pattern.
The cryptocurrency Sei has entered an extended period of weakness, recording nine consecutive weekly price declines. This reflects persistent selling pressure that has dominated the market since the asset peaked near $0.90 in early 2024.
After that peak, Sei established a clear downtrend with lower highs and lower lows. A failed breakout attempt in late 2024 confirmed the ongoing bearish pressure.
The weekly chart indicates a descending wedge formation, which is typically a bullish reversal pattern. In Sei’s current case, however, the price is moving toward the pattern’s lower support line between $0.06 and $0.08.
Another important aspect is the repeated testing of this support trend line, highlighting its significance. A hold at this level could increase the chances of a technical rebound.
The weekly trend remains down, but the daily chart presents a different perspective. According to crypto trader Whales_Crypto_Trading, Sei is moving inside a clear downward channel on that timeframe.
Inside this channel, the price has been rejected near the top edge and the 50-day moving average. These repeated failures demonstrate seller control during the trend.
The daily chart indicates the price is now near an important support level within the channel. The analyst believes a bounce from this midline could set up a potential bullish move.
The first indication of a change in market structure would be a move through the weekly resistance trend line. The next levels to watch would then be around $0.15 and $0.20.
