- The price action remains within the lower and upper limits of a clearly trending downward channel and is finding support at 0.329 and resistance at 0.3486.
- The 10-days simple moving average of the price around $0.34 has continued to rule as a short-term price reactive point, a dynamic support/ resistance indicator.
- Should the pair sustain a sustained breakout over the $0.3486 level, a bullish momentum may be created leading to a possible $0.49 target.
SEI continues to trade within a defined downward channel on the 3-day chart, and its price continues to stick close to the $0.3408 level. The asset has taken a 3.1% decline over the past seven days. Interestingly, the 10-day simple moving average (SMA) has consistently been a good benchmark for price action, with the price always reacting to this directional guide. The recent price action continues to be contained between support at $0.329 and resistance at $0.3486.
SEI Holds Mid-Channel as Resistance Shape Short-Term Outlook
Price structure shows SEI respecting the upper and lower bounds of the descending channel, which has defined its direction since early 2024. Recently, the price has approached the halfway point of the channel after reaching the support level at the $0.329 mark.
But there is still upside resistance at around $0.3486. The trend correlation with the 10-day SMA indicates that short-term traders are highly interested in this area, and they require trend confirmation. If momentum builds above the upper band, focus could shift toward higher resistance.
10-Day SMA Guides Intraday Moves and Trader Reactions
The 10-day SMA remains a crucial technical marker in recent sessions. Every price attempt to break above or below this level has triggered strong responses from market participants. Currently, the SMA is positioned close to $0.34, offering a reference for intraday movement. Notably, trading volume remains steady, which further underscores the importance of this dynamic support and resistance zone. Traders often rely on this average to gauge strength in trending markets.
Breakout Above Channel Could Target High Levels
Should SEI maintain its position above $0.329 and overcome the $0.3486 resistance, the next technical target may align with $0.49. This area corresponds with a retracement level visible on higher time frames. Nevertheless, the price action is firmly held inside the downward channel, which would take the persistent strength to encroach upon this mark. These levels are being monitored under the potential market participants keenly to predict the next directional bias.
