SeiLong
Sei Price At A Critical Zone: Breakout Or Breakdown Ahead?
Sei Price At A Critical Zone: Breakout Or Breakdown Ahead?
The last couple of weeks saw almost 100% growth in the Open interest of SEI.
The RSI as well as the 14 day SMA line has surpassed the mean line indicating a bullish scenario ahead.
Sei price has been on a recovery in the last couple of weeks after taking a rebound from $0.25 level. The last week saw an impressive gain of nearly 31% suggesting a strong intent of recovery from the lows.
Furthermore, this week the price resumed to recover and added nearly 13% more to its value. However, the price seemed to be losing momentum as it approached the resistance area. Currently, SEI price hovers near a crucial zone and finding it difficult to decide a clear trend as of now.
SEI Token Unlocks On The Way
Sei is an innovation in the blockchain space, specifically tailored to boost the efficiency and performance of decentralized exchanges (DEXes). It leverages a sector-specific Layer 1 blockchain architecture, optimized for trading, which significantly enhances its security by addressing the unique requirements of DEXes.
Currently, it boasts a market capitalization of nearly $1.19 billion, ranking 68th in the cryptocurrency market. Out of a total supply of 10 billion SEI tokens, 3.17 billion are in circulation.
Moreover, SEI token unlock progress reveals that by now 31.75% (3.17 Billion SEI tokens) have been unlocked. Almost 44.75% (4.48 Billion tokens) of the supply are currently locked and 32.49% are untracked.
The most recent token unlock event is scheduled on August 15th when 220.16 Million SEI tokens are set to be unlocked. The unlocked tokens will be allocated among foundation, Ecosystem reserve, Team and private sale investors.
OI Data Shows Heightened Demand
The recent sessions have noted a sustained growth in the SEI price rising 43% in the last couple of weeks. In tandem with the recent price surge, there has been a significant growth observed in on-chain metrics.
The open Interest contracts have noted a robust growth of almost 100% in the last couple of weeks. The OI contracts saw a rise from nearly 25 Million to nearly 49 Million indicating almost 100% growth as per an on-chain analytics website app.santiment.net.
The OI data reveals the number of open contracts in a cryptocurrency. A high OI data points to an increased number of investors which may heighten the demand.
SEI Price At A Crucial Zone: What’s Next?
Despite the Optimism in the recent sessions, the long term trend still favors the bearish side until the Sei price is maintained below the 200 day Exponential moving average. Currently, the price hovers at a crucial zone from where both the breakout or breakdown is possible.
At the time of writing, the RSI line was placed close to 54.7 points and that of the 14 day SMA line was placed close to 52.5 points. Both the RSI and SMA line were placed above the mean line and were headed upwards suggesting a trend continuation.
As per the combined analysis of OI data and RSI, it is evident that the bulls are dominant and the price may continue to rise. On the higher side, the $0.45 level may act as a hurdle for the bulls which once surpassed may validate a bullish reversal in the crypto.
On the contrary, if the sellers make a comeback and the price slumps down below $0.35 level, it may head for a bearish continuation towards the $0.29 level. Short term traders and investors need to keep a close observation over these levels.
The last couple of weeks saw almost 100% growth in the Open interest of SEI.
The RSI as well as the 14 day SMA line has surpassed the mean line indicating a bullish scenario ahead.
Sei price has been on a recovery in the last couple of weeks after taking a rebound from $0.25 level. The last week saw an impressive gain of nearly 31% suggesting a strong intent of recovery from the lows.
Furthermore, this week the price resumed to recover and added nearly 13% more to its value. However, the price seemed to be losing momentum as it approached the resistance area. Currently, SEI price hovers near a crucial zone and finding it difficult to decide a clear trend as of now.
SEI Token Unlocks On The Way
Sei is an innovation in the blockchain space, specifically tailored to boost the efficiency and performance of decentralized exchanges (DEXes). It leverages a sector-specific Layer 1 blockchain architecture, optimized for trading, which significantly enhances its security by addressing the unique requirements of DEXes.
Currently, it boasts a market capitalization of nearly $1.19 billion, ranking 68th in the cryptocurrency market. Out of a total supply of 10 billion SEI tokens, 3.17 billion are in circulation.
Moreover, SEI token unlock progress reveals that by now 31.75% (3.17 Billion SEI tokens) have been unlocked. Almost 44.75% (4.48 Billion tokens) of the supply are currently locked and 32.49% are untracked.
The most recent token unlock event is scheduled on August 15th when 220.16 Million SEI tokens are set to be unlocked. The unlocked tokens will be allocated among foundation, Ecosystem reserve, Team and private sale investors.
OI Data Shows Heightened Demand
The recent sessions have noted a sustained growth in the SEI price rising 43% in the last couple of weeks. In tandem with the recent price surge, there has been a significant growth observed in on-chain metrics.
The open Interest contracts have noted a robust growth of almost 100% in the last couple of weeks. The OI contracts saw a rise from nearly 25 Million to nearly 49 Million indicating almost 100% growth as per an on-chain analytics website app.santiment.net.
The OI data reveals the number of open contracts in a cryptocurrency. A high OI data points to an increased number of investors which may heighten the demand.
SEI Price At A Crucial Zone: What’s Next?
Despite the Optimism in the recent sessions, the long term trend still favors the bearish side until the Sei price is maintained below the 200 day Exponential moving average. Currently, the price hovers at a crucial zone from where both the breakout or breakdown is possible.
At the time of writing, the RSI line was placed close to 54.7 points and that of the 14 day SMA line was placed close to 52.5 points. Both the RSI and SMA line were placed above the mean line and were headed upwards suggesting a trend continuation.
As per the combined analysis of OI data and RSI, it is evident that the bulls are dominant and the price may continue to rise. On the higher side, the $0.45 level may act as a hurdle for the bulls which once surpassed may validate a bullish reversal in the crypto.
On the contrary, if the sellers make a comeback and the price slumps down below $0.35 level, it may head for a bearish continuation towards the $0.29 level. Short term traders and investors need to keep a close observation over these levels.
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