Key takeaways
- SEI is one of the best performers among the top 100 cryptocurrencies by market cap, up nearly 2% in the last 24 hours.
- It could rally to the $0.2 level despite the bearish market conditions.
SEI outperforms the broader crypto market
SEI, the native coin of the Sei ecosystem, is one of the best performers among the top 100 cryptocurrencies by market cap. It added nearly 2% to its value over the last 24 hours and now trades around $0.17.
There is no catalysts behind SEI’s latest positive performance as the broader crypto market underperforms. Bitcoin and other major cryptocurrencies are currently in the red as the ongoing conflict in the Middle East continues to affect the broader financial markets.
The total cryptocurrency market cap has declined to $3.25 trillion, down 1.54% in the last 24 hours. However, SEI is the best performer in the top 100 as it added 2% to its value during that period.
SEI targets the $0.2 resistance level
SEI could rally higher in the near term if the bulls remain in control. The technical indicators are turning positive, but SEI is still subject to events in the broader cryptocurrency market.
If the bullish momentum increases, SEI could be testing the $0.2 resistance level in the coming hours or days. However, with the broader market still bearish, SEI could likely retest the $0.15 support level soon.
The MACD is still within the negative territory, indicating that SEI is still bearish in the higher timeframe. Furthermore, with an RSI of 42, SEI is still in the sold region and could experience further selling pressure if it doesn’t hit the 50 RSI level soon.
However, the market could grab liquidity around the $0.1871 region before any downward movement. Traders should keep an eye on today’s FOMC as that could play a key role in SEI’s performance in the near term.
