Sei Price Prediction: SEI Hovers at $0.13 – Dark Horse of the Season?

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Sei (SEI) has slipped off the month’s peak of $0.27 and now hovers around the $0.13 price. Bearish pressure characterized the SEI market over the past few days, with prices fluctuating between $1.3 and $1.4 after relapsing from the day-week high of $1.463.

As of 05:35 AM EST today, August 29, SEI traded at $0.12, reflecting a downturn of almost 5% in the past 24 hours. The steep downturn has clouded the market with uncertainty, casting doubts about the token’s ability to soar alongside the recovering crypto market.

SEI Continues on Bearish Path – How Are the Bulls Responding?

While SEI’s current price reflects a nearly 1500% spike to an all-time high of $0.2736 on August 16 from an all-time low of $0.007989, the token remains under bearish pressure.

According to data from CoinGecko, SEI has lost nearly 20% of its gains over the past seven days.

However, the token’s latest price action suggests a bullish trend reversal is imminent before the day ends. Moreover, its oversold condition presents an attractive entry level for investors, which could create rally opportunities for the token in the coming days.

SEI Pressure Halts on Hourly Price Chart. Start of a Comeback?

SEI’s price downturn is also evident on the hourly price chart, reflecting the high sell pressure prevailing in the market today.

The bears confirmed their stance with the long red candle formed three hours ago. With high momentum, their actions pushed SEI’s price further away from the Exponential Moving Average (EMA). However, the appearance of the short green candle reignites the buyer’s entry into the market.

However, the MACD indicator is below the signal line and has formed multiple red histograms, depicting a strong bearish momentum and sell pressure on SEI.

Nonetheless, the 27.48 relative strength index reading supports a trend reversal possibility, as the undervalued market condition presents an attractive entry point for buyers in anticipation of future rallies.

Therefore, traders could interpret the ongoing market condition as a buy signal, as SEI might be poised for a short-term uptick in the coming days.

Data on SEI’s Support and Resistance Levels

SEI found support at the $0.12 price level, forming a doji candle, which preceded another green candle. Currently, SEI trades above this key support level, and a little push from the bulls could trigger a move near the $0.127 resistance, a potential take-off point for more rallies.

While the above setup indicates a chance for a U-turn, including other indicators is necessary before opening a buy position.

BlueMove Plans to Halt Operations on Sei Network: What This Means for SEI’s Price

BlueMove, an innovative NFT marketplace that operates on both the Aptos and Sui blockchains, recently announced its intention to cease operations on the Sei network. This decision stems from the relatively lower transaction volumes than initially anticipated.

📢 Important Announcement:

BlueMove will cease operations on Sei Network 72 hours from now, at 4:00 UTC on August 31st, due to the current trading volume on Sei falling short of our expectations.

During this period, we kindly request all users to delist their NFTs to prevent…

— BlueMove (@BlueMove_OA) August 28, 2023

This temporary closure is designed to ensure the safety of users’ holdings, starting from August 31 at 4:00 UTC. Users are encouraged to remove their NFTs from the platform during this period.

After its launch in August 2022, BlueMove swiftly became prominent in the NFT sector. This success was attributed to its strategic utilization of the Aptos and Sui blockchains.

Downturn in NFT Space Bodes Badly for SEI

Despite its promising beginnings, the project encountered challenges as it marked its first anniversary due to the broader NFT crisis. This serves as a reminder that even well-established platforms are not immune to the unpredictable fluctuations of the NFT market.

Recent data illustrates a significant decline in the NFT industry, with trading volume amounting to a mere 5000 ETH over the past week, a two-year low.

Furthermore, engagement in NFT trading has hit its lowest point in two years, indicating a prevailing trend in the broader market. BlueMove is not alone in facing setbacks. In July of 2023, Forbes shed light on substantial drops in the base prices of esteemed NFT collections.

Prominent projects such as CryptoPunks, Mutant Apes, Bored Ape Yacht Club, and Azuki saw their prices dip by up to 62% within a month. This highlights the main challenges encountered by NFT platforms.

Amidst these challenges, even well-known marketplaces like OpenSea, Blur, and ParaSpace find themselves navigating uncertain terrain. Considering these encounters, the future of NFTs remains uncertain, necessitating cautious navigation within this ever-evolving landscape.

BlueMove intentions to halt operations on Sei Network could, in turn, mitigate engagements with the token’s system. If this is the case, the ecosystem could record a period of activity decline, which might also reflect in the token’s value.

Sei Network Alternative – Sonik Coin

As Sei Network grapples with market fluctuations, leading to uncertainty, Sonik could serve as a haven for investors amid the ongoing downturn.

Sonik Coin (SONIK) is a new meme coin venture inspired by the iconic character Sonic the Hedgehog. Sonik is making significant strides towards achieving a target $100 million market cap.

Sonik Coin has secured over $600,000 out of its $2 million target with less than eight days remaining in the presale phase. The anticipation surrounding the potential returns of this novel meme coin is steadily increasing.

Sonik’s Staking Concept

Furthermore, the staking strategy of Sonik Coin, encompassing allocation, duration, and yield, is a noteworthy aspect. About 40% of the total token supply is deliberately set aside for staking, reflecting the project’s dedication to cultivating an active and involved community.

The distribution of staking rewards within the Sonik Coin ecosystem is meticulously planned to take place over four years, ensuring a gradual and sustainable distribution process. This extended timeline sustains the platform’s stability and aligns with the project’s long-term vision.

One of the most captivating attributes of Sonik Coin is its projected annual percentage yield (APY). With a current staked amount of 19.9 billion, the estimated APY stands at an impressive 120%, and ongoing rewards are now set at 9,125 per simulated block.

This appealing potential for yield has attracted attention within the cryptocurrency community, accentuating the opportunity to incentivize those participating in staking activities within the SONIK ecosystem.

Central to Sonik Coin’s inception is its community-centric approach, opting for an inclusive model over private funding rounds. The presale features a modest hard cap of $2 million, ensuring accessibility and fostering community engagement.

As the presale gains momentum, whether the Sonik token’s trajectory can be limited arises.

With an upcoming listing on Uniswap upon reaching the hard cap, Sonik Coin’s journey seems well-positioned to attract attention and potentially reap the rewards within the dynamic cryptocurrency market.

The initial success of the presale, amassing $20,000 within the first 24 hours, indicates the growing interest and excitement surrounding Sonik Coin’s promising path.

Engaging in cryptocurrency necessitates a strong focus on security, a principle that Sonik Coin holds in high esteem.

In contrast to the trend where many emerging meme coins bypass comprehensive intelligent contract audits, Sonik Coin remains steadfast in prioritizing security.

The presale presents an opportunity for investors to amass SONIK tokens in anticipation of a potential surge towards a $100 million market capitalization. Visit the project website to buy with ETH or USDT.