SEI Price Consolidates After Hitting Lowest Level Since November 2023

Key Takeaways

• The key demand zone tested near $0.18 with a potential reversal.
• A descending trendline breakout is possible, indicating bullish momentum.
• Elliott Wave count suggests a corrective phase nearing completion.
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SEI has experienced a prolonged downtrend but is now testing a key demand zone. The 4-hour chart suggests a corrective structure may be completed, potentially setting the stage for a recovery.

Meanwhile, the 1-hour chart hints at a developing five-wave impulse, which could signal a short-term rally.

SEI Price Analysis

SEI has been in a steady downtrend since reaching its peak near $0.73, forming a clear descending channel.

The corrective structure aligns with an extended W-X-Y-Z pattern, with wave Z potentially marking the cycle low at approximately $0.18.

This region also aligns with a key horizontal demand zone, providing a strong support area.

The Fibonacci retracement levels reveal significant resistance at $0.32 (0.786), which is the likely ceiling for any relief rally.

Additionally, the RSI has been oversold, indicating selling exhaustion. A bullish divergence on RSI could signal a trend shift.

Breaking above the descending trendline, which has dictated price action for months, is crucial for confirming a reversal.

If SEI can close above the $0.20-$0.22 range, this could validate the start of a recovery wave, potentially targeting the 0.382 or 0.5 retracement levels at $0.40 and $0.46, respectively.

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If rejection occurs, however, SEI could face further downside risk, potentially testing $0.15 or lower, invalidating the reversal scenario.

SEI Price Prediction

In the 1-hour timeframe, the structure suggests the early stages of an impulsive recovery. The formation of waves (i) and (ii) indicates a possible five-wave structure in progress.

If wave (iii) extends properly, a short-term upside target is $0.22, aligning with key resistance.

A breakout from the descending triangle would provide confirmation, sending the price toward $0.24-$0.25. However, failure to break above this level would invalidate the impulse count and suggest further consolidation.

Key support remains at $0.175, aligning with wave (ii) lows. If SEI breaks below this level, the bullish outlook will be invalidated, leading to further declines toward $0.15.

In the bullish case, if the structure holds and completes the five-wave impulse, a corrective wave (iv) retracement around $0.21-$0.22 could offer a reentry before another push higher into the $0.24-$0.26 region.

SEI is at a crucial turning point, with a breakout above resistance potentially signaling a reversal. However, failure to do so could lead to further downside exploration before a sustainable recovery.

Key Levels to Watch

• Immediate Resistance: $0.2035 (local resistance zone).
• Key Resistance: $0.22 (wave (iii) target).
• Major Resistance: $0.25 (structural breakout level).
• Immediate Support: $0.175 (wave (ii) low).
• Critical Support: $0.15 (potential invalidation level).
• Short-Term Target for Wave (v): Above $0.24 if impulse holds.
• Invalidation Zone: Below $0.15, confirming the further downside.