Date: Mon, Sept 16, 2024, 06:47 PM GMT
The cryptocurrency market is feeling the heat as the Federal Open Market Committee (FOMC) meeting looms on September 17 and 18. Investors are being cautious, leading to a general market dip. Bitcoin (BTC) slipped below $58,000, reflecting a 3.36% drop in a single day, which has created bearish sentiment across the board.
Sei (SEI), a prominent Layer-1 blockchain platform, is no exception. Over the past 24 hours, SEI has seen a sharp decline of 13%, following a rejection at a crucial trendline.
Trendline Rejection
SEI’s downturn is largely due to its failure to break out from the downward trendline at the $0.3169 mark. After facing rejection at this level, SEI quickly plunged by nearly 15%, taking it to the current support level.
What’s Next for SEI?
Currently, SEI is holding at a support level of $0.2694. The market is now watching closely to see if SEI can manage a recovery and bounce back from this point. If the coin can hold its ground, there is potential for a pullback and subsequent recovery.
However, if SEI fails to maintain this support level, the price could drop even further. Technical indicators show that the Relative Strength Index (RSI) is at 31.12, signaling that the asset is nearing oversold territory. The RSI-Based Moving Average is sitting at 17.74, suggesting that further downward pressure could still be in play.
As the market braces for the FOMC outcome, SEI investors will need to keep a close eye on key support and resistance levels, as well as broader market conditions.
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