Sei price bottoms as DeFi TVL hits ATH despite the crypto crash

SEI price

Sei’s price has been in a strong downward trend over the past few months, but technical and fundamental indicators suggest that a rebound may be possible.

Sei (SEI), a layer-1 token, dropped to a low of $0.1722 this week, down over 70% from its highest level in December.

According to DeFi Llama, Sei’s decentralized finance or DeFi ecosystem is firing on all cylinders.

The total value locked in the network jumped to a record high of $340 million — a significant increase considering it bottomed at $170 million in February. This is also a major achievement since most layer-1 and layer-2 networks have shed assets during the ongoing crypto crash.

Most players in the Sei ecosystem have added assets this month. Yei Finance, a top lending protocol in the network, has accumulated nearly $200 million in assets, up 90% from the same period last month.

Sailor, a DEX network, holds $53 million in assets, while Stargate, Dragon Swap, and Avalon Labs have also added assets.

Sei’s price may also get a boost from rising demand for the token. Donald Trump’s World Liberty Financial recently acquired SEI tokens worth over $100,000 — a sign that the team sees value in the token.

Sei price technical analysis

SEI price chart | Source: crypto.news

The daily chart shows that SEI’s price has been in a strong downtrend over the past few months. It dropped from a high of $0.7343 in November to a low of $0.20 this month. The token remains below the 50-day and 25-day Exponential Moving Averages.

The token has formed a double-bottom pattern at $0.2038, with a neckline at $0.7343. A double-bottom is one of the most popular bullish reversal patterns in the market.

SEI has also formed a bullish divergence pattern. The MACD indicator has continued rising even as the price has fallen. Similarly, the Relative Strength Index has formed a series of higher highs and higher lows.

Therefore, the token will likely bounce back in the next few days, with the next point to watch being at $0.7343, its highest swing in December. This target is about 265% above the current level. A drop below the support at $0.180 will invalidate the bullish view.



Source link
#Sei #price #bottoms #DeFi #TVL #hits #ATH #crypto #crash

Spread the love

Be the first to comment

Comment and Earn N5.... comments are approved manually by admin.. Comment must be long and from the post.. short comments will not be approved