high” decoding=”async” src=”https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart.jpg” alt=”SEI Price SEI network” width=”1280″ height=”717″ data-old-src=”data:image/svg+xml,%3Csvg%20xmlns=’http://www.w3.org/2000/svg’%20viewBox=’0%200%201280%20717’%3E%3C/svg%3E” data-lazy-srcset=”https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart.jpg 1280w, https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart-300×168.jpg 300w, https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart-1024×574.jpg 1024w, https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart-768×430.jpg 768w, https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart-150×84.jpg 150w” data-lazy-src=”https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart.jpg”/> < img fetchpriority="high" decoding="async" src="https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart.jpg" alt="SEI Price SEI network" width="1280" height="717" data-old-src="information: image/svg+ xml,%3Csvg%20xmlns ='http://www.w3.org/2000/svg'%20viewBox='0%200%201280%20717'%3E%3C/svg%3E" data-lazy-srcset="https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart.jpg 1280w, https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart-300x168.jpg 300w, https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart-1024x574.jpg 1024w, https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart-768x430.jpg 768w, https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart-150x84.jpg 150w" data-lazy-src="https://cryptonews.com/wp-content/uploads/2023/12/1703252406-seiart.jpg"/ >
Sei Network(SEI ), an open-source layer-1 blockchain, has carried out a localized -13% retracement following the +20% SEI cost rise– leaving some stressed traders asking ‘is Sei going to no’?.
The preliminary pump came as markets turned bullish on Sei Network’s guarantee of empowering designers with hyper-fast throughput set to parallelize EVM.
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— Kathy Nino (@kathyninocrypto) December 22, 2023
Traders are keeping in mind of the scale of SEI’s retracement relocation, highlighting that the shift down has actually ranked SEI among crypto’s leading losers on the day-to-day procedure.
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SEI Price Analysis: Is SEI Going to Zero Amid -13% Retracement Move?
As rate action continues to topple, SEI is presently trading at a market value of $0.33 (Representing a 24-hour modification of -10.44%).
This follows rejection from an excellent all-time high for SEI rate, with rejection set off at $0.41.
Now in the middle of a free-fall, SEI cost has actually smashed down through lower assistance at $0.36– leaving additional disadvantage on the cards.
It appears most likely SEI will install a complete retracement down to evaluate more developed lower assistance at $0.30.
This would likewise serve as a correction of the growing divergence above the 20DMA– which is presently sat low in the chart at $0.285.
On the intense side, the unexpected retracement relocation has cooled-off the RSI to a substantial degree, with the leading indication now standing at 62.23.
The MACD continues to show bullish divergence at 0.0082– recommending rate stays on a bullish trajectory.
In general, SEI looks strong here, with the retracement relocation much required (as anticipated on Monday), restored assistance and debt consolidation here would leave SEI poised for a health rally extension.
Present placing leaves SEI with an upside target at $0.40 (a possible +18.24%).
While drawback danger might see SEI drop down to $0.30 (a possible -11.32%).
This leaves SEI cost with a threat: benefit ratio of 1.61– recommending a sensible entry, and definitely not going to no anytime quickly.
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