Stalwart Investors Encounter Obstacles at $0.32 Mark as they Strive to Reverse Previous Slumps in SEI Shares
The SEI token, a prominent player in the layer-1 blockchain space, has remained active in the stock market despite recent selling pressure. The asset's price of gold, currently hovering around $0.32, has shown a 6.29% decline in the past 24 hours.
The token's stock market today price has been confined between the $0.31 support and the $0.32 resistance levels. Sustaining upward momentum will depend on holding the $0.31 support and breaking through the overhead resistance at $0.32. If buyers manage to close above $0.32, a move towards $0.34 becomes likely.
Key resistance levels stand at $0.32 and $0.34, according to analyst Ali, who also reported a TD Sequential buy signal on the hourly chart, often seen as a sign of ending corrective phases. If the support near $0.31 remains intact, a move towards $0.34 could start.
The stock futures trading volume during this period has been consistent, with SEI's daily trading volumes staying in the $200 million to $250 million range since September 7. The trading session began close to $0.32, briefly moved higher before a downward turn.
The Network's trading activity has surpassed that of comparable layer-1 projects, according to analyst Marc Shawn Brown. His observation was based on data from CoinGecko and visualized by Artemis.
The relative strength index (RSI) has shown a bullish divergence, where the price recorded lower lows but the oscillator set higher lows. The combined strength of the TD Sequential buy setup and the observed bullish divergence could encourage more buyers to enter.
However, a decisive move below the $0.312 support zone could trigger additional selling and push prices lower. Continued monitoring of support at $0.312 and resistance at $0.32 will be essential for traders seeking to gauge short-term stock market news.
It's important to note that no specific analyst was found in the search results who evaluated the project status of SEI or predicted an upswing from about 0.31 to about 0.34.
The asset's market capitalization is approximately $1.94 billion, with a circulating supply of about 6.13 billion tokens. The asset remains among the more actively traded layer-1 blockchain assets despite recent selling pressure, offering potential for both buyers and sellers in the current finance market conditions.
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