Sei [SEI] rallied 9.2% in 24 hours while Bitcoin [BTC] consolidated near $84,000. Bitcoin had retreated from $87,300 earlier in the week, with $81,000 a possible downside level.
The broader crypto market cap slipped 0.20%, but Sei bulls held their ground. Earlier this week, they flipped the late-June supply zone near $0.055 into support.
SEI crypto appeared likely to rally higher, especially after the Canary staked ETF filing.
Can Sei break its weekly downtrend?
The weekly chart showed that the long-term Sei crypto token trend was firmly bearish. However, over the past six weeks, trading volume has begun to pick up after the June-July consolidation around $0.045.
The rising volume was accompanied by upward momentum and price gains, which indicated demand. The MFI was climbing but not yet above neutral 50 to signal that buyers have the upper hand.
A weekly session close above $0.080 is needed to signal that a potential bullish trend shift is underway.
On the daily timeframe, the $0.055-$0.060 bearish order block has been cleared. Additionally, the swing structure on this timeframe was also flipped bullishly since the previous lower high just under $0.060 was beaten.
The OBV has climbed to highs not seen since January. The MFI was in overbought territory, showing that bulls had the upper hand in recent weeks.
Traders’ call to action- Look to buy
The 4-hour chart showed that a bullish continuation signal was once again upon us. After SEI crypto retraced into the $0.055 demand zone, it has reacted positively to challenge the $0.0646 local high.
An H4 session close above this level would mean the $0.072 level is a feasible target in the coming days. In that scenario, the $0.0568 low would be the one to watch to keep this timeframe’s uptrend intact.
Final Summary
- SEI crypto has surpassed local swing resistance levels and was on a healthy uptrend, up 9% in a day and 38% in a week.
- Its higher timeframe trend has been bearish, and a move above $0.080 would be the first sign of a potential long-term recovery.
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