Sei (SEI), one of the popular cryptocurrencies, has fallen by 20 percent in the last 24 hours.
The crypto market has been going through turbulent times lately. Bitcoin (BTC) increases the intensity of the decline unless it can sustain above $38,000. Although BTC managed to rise above 38 thousand dollars the other day, it retreated to the level of 37 thousand 700 dollars during the day.
The fact that BTC could not overcome the resistance of $ 38 thousand started to make altcoins uneasy. Retreats were seen in many altcoins. However, SEI faced sharp selling pressure and fell 20 percent in the last 24 hours.
Sei (SEI) decline intensified: The breakout has arrived!
Sei (SEI), one of the Tier-1 projects, has not been able to meet expectations in the upward trend since September. However, SEI rose over 35 percent between November 28 and November 29. Although it was thought that SEI would finally take off and achieve a rise that would meet expectations, it was not as it seemed.
The popular cryptocurrency SEI suffered a sudden sell-off from its highest price level in the last three months on November 29. Selling pressure on SEI led to a pullback in the price, resulting in a 20 percent decline in the last 24 hours. While SEI was traded around $0.28 at noon yesterday, it is changing hands at $0.02285 as of the time the news was written.
SEI lost a key support zone near $0.2338. Losing this zone caused the price to face further selling pressure. SEI has not yet been able to give signs of recovery. However, if the price reacts from the $0.2195 band, it may gain volatility. If it gains volatility, SEI may test $0.2338 again in a short time. If the $0.2338 area, which was the previous support point but became resistance with the recent decline, is broken, buying appetite may increase. In this case, SEI could target the resistance zone in the $0.2472 band. Other resistances for SEI with a possible recovery may be the $0.2593 and $0.2760 areas.
On the other hand, SEI may continue its decline due to the continued selling pressure and the impact of BTC-driven negative market conditions. SEI could test the support point near the $0.2195 area if the decline continues. If this support point fails, SEI price could decline sharply to $0.2069. One of SEI’s major supports will be $0.1994. This zone could trigger a significant decline if lost.
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