Key takeout

• SEI is likely one of the finest performers of the highest 100 cryptocurrencies by market capitalization, with almost 2% improve over the previous 24 hours.
• Regardless of the bear market state of affairs, it might rise to a stage of $0.2.

SEI is best than the broader crypto market

SEI, a local coin within the SEI ecosystem, is likely one of the finest performers of the highest 100 cryptocurrencies by market capitalization. It has added nearly 2% to its worth over the previous 24 hours and is presently buying and selling round $0.17.

With the broader crypto market under efficiency, there isn’t a catalyst behind SEI’s newest constructive efficiency. Bitcoin and different main cryptocurrencies are actually in purple as ongoing conflicts within the Center East proceed to have an effect on wider monetary markets.

Complete cryptocurrency market capitalization has fallen to $3.25 trillion, down 1.54% over the previous 24 hours. Nonetheless, SEI has been performing finest within the high 100 as they added 2% to its worth throughout that interval.

SEI targets resistance ranges of $0.2

SEI can rise within the quick time period if the bull stays in management. Though technical indicators are constructive, SEI continues to be topic to occasions within the broader cryptocurrency market.

As bullish momentum will increase, the SEI might check a resistance stage of $0.2 over the following few hours or days. Nonetheless, because the broader market continues to be weakening, SEI might quickly retest its assist stage of $0.15.

MACD continues to be throughout the destructive territory, indicating that SEI continues to be bearish within the larger timeframe. Moreover, the RSI is 42 RSI, and the SEI continues to be within the gross sales space, and if it would not attain the 50 RSI stage quickly, it might put extra gross sales strain on it.

Nonetheless, the market might acquire liquidity across the $0.1871 area earlier than a downward motion. Merchants ought to pay attention to right now’s FOMC as it will probably play a key function in SEI efficiency within the quick time period.