SEI Price Dips Below $0.26: Traders Brace for the Inevitable Short Setup

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Once the darling of the market, SEI is now going through a rather undignified slump. Having shown some semblance of strength late last month, it now finds itself squashed under a weight of selling pressure, courtesy of both the spot and derivative markets. It’s like watching a once-proud lion transform into a housecat. 😬

With volume patterns unmistakably favoring the sellers and the technical indicators flashing caution signs, traders are waiting with bated breath for a short bias confirmation. Can SEI keep its head above the waterline of near-term support? Only time—and maybe a little luck—will tell.

Bearish Continuation Signals Appear Across Derivative Metrics

The 1-hour SEI/USD chart from Open Interest is a thing of beauty, if you’re into descending patterns. The sequence of lower highs and lower lows confirms that SEI is on a charming little downtrend. The price is hanging around $0.2499, showing a feeble 0.32% recovery. But, let’s be real—bears have the upper paw here.

Since July 6, SEI has been rejected more times than an awkward date. The $0.2650–$0.2700 range has become a no-go zone for the token, with brief rallies being swiftly squashed by sell orders. It’s as if every time SEI even thinks about going up, a giant hand slaps it back down. The recent candles are showing little follow-through, a surefire sign that bullish sentiment is crumbling like a soggy biscuit.

Further down the chart, the open interest data is like a plot twist in a thriller. Between July 6 and 7, open interest surged above 6 million contracts before retreating to a measly 5.458 million. It’s like the traders got excited, only to retreat in the face of danger. The flattened open interest amidst falling prices screams “caution”—as if everyone’s waiting for something to break, but nobody wants to be the first to blink.

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SEI’s 24-hour trading volume reached $117.44 million, indicating that despite the price decline, there’s still a lot of action. The steady trade activity suggests that selling is active, but it’s not quite panic mode yet. If there were any indication of mass hysteria, we’d have seen some sharp spikes in volume—but no, just your usual, slow burn.

The market cap sits at $1.4 billion, placing SEI at a modest #77 among cryptocurrencies. With a circulating supply of 5.55 billion tokens, it’s clear this token has a lot of room to either climb or plummet, depending on how the traders feel tomorrow. We’re on the edge of our seats. Or not.

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The Relative Strength Index (RSI) is at a tepid 51.22—just barely above the neutral 50. But, as you might expect, it’s trending downwards. The RSI has been steadily declining since late June, aligning perfectly with the broader price trend. Because who doesn’t love a good downward trend? 🙄

The MACD is looking increasingly uninspiring. The MACD line at 0.0129 is hovering just below the signal line at 0.0169, and the histogram has turned negative at -0.0040. This crossover could very well be the beginning of the end for SEI’s short-term fortunes. Unless some miracle surge in volume materializes, traders are likely to keep their shorts on, waiting for the next dip.

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2025-07-08 23:41