SEI is approaching a crucial technical level, forming a Head and Shoulders pattern. This may signal a potential trend reversal.
Overview of Current SEI Situation
SEI is currently trading at $0.294, showing a 2.10% gain over the last 24 hours. A bearish Head and Shoulders pattern is forming on the daily chart, indicating a possible trend reversal. The support level around $0.27 is critical for the asset's next major move.
Expected Price Movement Levels
The pattern includes a left shoulder formed in mid-June, a peak or 'head' in early July above $0.36, and a right shoulder near $0.32. If a breakdown occurs below the neckline, especially on strong volume, it could lead to a deeper correction towards the $0.20–$0.22 range, representing a potential 20–25% decline from current levels.
Current Market Situation
As of the time of writing, SEI has gained 2.10% in the past 24 hours, although there has been an 8.19% decline over the past week. The 24-hour trading volume stands at $111,305,452, reflecting moderate interest among traders. Market participants continue monitoring price action at the neckline for clues about trend continuation or reversal.
Thus, SEI is at a crucial level, and further actions will depend on the stability of support at $0.27. The expected price movement may provide trading opportunities, especially if a breakdown is confirmed.
