- Sei had a bullish short-term outlook at press time.
- The volume indicators flashed a warning that the range highs might not be reached.
Sei [SEI] was trading within a range that extended from $0.242 to $0.4 at press time. The mid-range resistance at $0.32 was tested as resistance on the 15th of September, but the bulls were not able to breach this zone.
This changed on the 19th of September. Although the day’s trading has not yet closed, the resistance was breached, and SEI crypto has a good chance of rallying toward $0.4.
SEI crypto’s volume indicators advocate caution
Source: SEI/USDT on TradingView
The price action on the daily chart was bullish. The price bounce from the $0.262 local support zone saw rejection at the mid-range level, but a few days later the upward momentum was winning again.
The daily RSI climbed back above neutral 50 to signal that buyers were dominant in recent days. However, the OBV and the CMF did not give a buy signal.
The OBV was not yet at the local highs that it set toward the end of August. Until it breaches this level, it would remain likely that the $0.35 resistance would throw the bulls backward.
Similarly, the CMF was at +0.01 and did not yet denote significant buying pressure.
Not all magnetic pools will be retested
Source: Hyblock
AMBCrypto analyzed the liquidation heatmap data from Hyblock and found an intense pool of liquidity that stretched from $0.216 to $0.232.
A few days ago, especially with SEI crypto’s lack of upward momentum, it appeared likely that this zone would be revisited.
Realistic or not, here’s SEI’s market cap in BTC’s terms
Instead, the Fed’s decision to cut the rates by 50 bps positively affected Bitcoin [BTC], which in turn boosted the sentiment behind SEI.
This price bounce meant that the $0.43 liquidity pocket was the next magnetic zone for prices.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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