Key Insights:
- SEI continues to consolidate, offering clear trading opportunities at key levels.
- Reclaiming the $0.1155 high may trigger long trades towards $0.12 resistance.
- Support at $0.1116 offers a potential long opportunity but carries a higher risk.
- A retest of the $0.1061 level may present a chance for long positions after reversals.
The price of SEI continues to consolidate within its established range, creating potential trading opportunities. The cryptocurrency has been respecting key levels, offering traders a clear roadmap for potential price movements. SEI has shown consistent behavior, which could present profitable trades for those who monitor these levels closely.
Trading Levels and Potential for Continuation
SEI is currently trading within a well-defined range, with traders focusing on the $0.1155 high as a critical level. According to Lennaert Snyder, if the price reclaims this level, a continuation of long positions towards the $0.12 resistance is expected. This indicates that a breakout above this point could lead to further bullish movement.
- SEI bullish movement | Source: X
However, if the price fails to break above the $0.1155 high, a rejection could signal the start of a short position. In such a case, traders will likely look for confirmation before entering a short trade.
Based on CoinMarketCap the current price of SEI is $0.7078, with a 24-hour trading volume of over $158 million, showing a 0.65% increase.
Support and Potential for Longs
Support around the $0.1116 level remains a key point for potential long trades. Although this level is considered mid-range, it still offers opportunities for traders who are looking for reversals. The support zone could act as a bounce point if price action confirms a reversal.
However, as it lies closer to the middle of the trading range, it carries a higher risk. Traders should be cautious when targeting this area, as it may not offer the same quality as the lower range support, especially if the price fails to hold.
Price Action and Key Levels to Watch
The lower range support at $0.1061 remains another critical level for traders to monitor. If the price retests this area, traders are likely to look for a sweep and reversal before entering long positions. This level is seen as a potential buying opportunity for those willing to take on the risk.
For now, SEI’s price action remains within its defined range, offering both potential long and short opportunities, depending on how the price interacts with key support and resistance levels.
