SEI Price Alert: Is the $0.3 Resistance About to Crumble? Key Insights for Traders!

Crypto traders, brace yourselves—SEI is knocking on the door of $0.3, and the market's holding its breath. Will this resistance level finally crack, or is it just another tease in the volatile world of altcoins?

Breaking Down the Battle

The $0.3 mark has become SEI's nemesis—a stubborn barrier that's defied multiple attempts. But with recent momentum, traders are eyeing the charts like hawks. Technicals hint at a potential breakout, but remember: crypto loves a good fakeout.

Why This Matters Now

A clean break above $0.3 could trigger algorithmic buying and FOMO inflows. But fail here, and we're looking at yet another 'almost' story in the crypto graveyard—right next to 'institutional adoption' and 'Web3 mass use cases.'

The Trader's Edge

Watch the volume. No fireworks without fuel. And hey—if Wall Street can obsess over support levels for decades, crypto traders can fixate on resistance for a few weeks. Just don't mortgage your dogecoin memes for this play.

SEI set to blast past the $0.3 resistance?

Source: SEI/USDT on TradingView

As highlighted, the heavy buying volume and the strong, quick impulse move meant that a breakout may be likely. A daily session close above the range high at $0.275 WOULD be an encouraging sight for the bulls.

The OBV cleared its March high, when the range high was previously retested. The hike in buying pressure could be a hugely positive sign for investors waiting for a breakout. The RSI highlighted intense bullish momentum, but did not signal a divergence that could be followed by a price dip at press time.

Source: Coinalyze

Over the last 24 hours, the Open Interest ROSE by by 71%.

This could be another sign of bullish speculative trader sentiment in the market. And yet, the funding rate remained negative. This implied that short positions have been paying the longs – A sign of bearish sentiment while underlining expectations of a bearish reversal.

Source: Coinglass

Finally, the liquidation heatmap highlighted a dense pocket of liquidity at $0.29, which was swept recently. Meanwhile, the short-term local support levels at $0.27 and $0.26 saw a build-up of long liquidations. Hence, a price dip to revisit these magnetic zones may be a possibility.

The negative funding rate and expectations of a bearish reversal could induce a liquidity hunt for SEI, one that takes the price beyond $0.3. A short squeeze might be possible, but traders should be careful of volatility.

This might not be the time to FOMO into long or short positions, but rather a good time for longs to take profits. A MOVE beyond $0.3 or a breakdown below $0.26 could set up the next price move.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion