Is Sei Going to Zero? SEI Price Drops 13% as Latest Meme Coin Surges Past $4 Million Milestone
Sei Network (SEI), an open-source layer-1 blockchain, has undertaken a localized -13% retracement following the +20% SEI price surge – leaving some panicked traders asking ‘is Sei going to zero’?.
The initial pump came as markets flipped bullish on Sei Network’s promise of empowering developers with hyper-fast throughput set to parallelize EVM.
TODAY'S LOSERS!$SEI$STX$BGB$SATS$HNT$BEAM$MINA$BLUR$EGLD#CoinMarketCap #CryptoCommunity #cryptocurrency #SEI #stacks #Bitget #Helium #BeamX #MINA #blurusdt #MultiverseEP2 pic.twitter.com/wMrzrN6ltA
— Kathy Nino (@kathyninocrypto) December 22, 2023
Traders are taking note of the scale of SEI’s retracement move, highlighting that the shift down has ranked SEI amongst crypto’s top losers on the daily measure.
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As price action continues to tumble, SEI is currently trading at a market price of $0.33 (Representing a 24-hour change of -10.44%).
This comes after rejection from an impressive all-time high for SEI price, with rejection triggered at $0.41.
Now in the midst of a free-fall, SEI price has smashed down through lower support at $0.36 – leaving further downside on the cards.
Indeed, it seems likely SEI will mount a full retracement down to test more established lower support at $0.30.
This would also act as a correction of the growing divergence above the 20DMA – which is currently sat low in the chart at $0.285.
On the bright side, the sudden retracement move has cooled-off the RSI to a significant degree, with the leading indicator now standing at 62.23.
Meanwhile, the MACD continues to display bullish divergence at 0.0082 – suggesting price remains on a bullish trajectory.
Overall, SEI looks strong here, with the retracement move much needed (as
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