SEI Token (SEI) Showed a Significant Recovery, Will It Cross the $0.3200 Mark this Week?

SEI (SEI), the token of the Layer 1 protocol, showed a significant recovery. SEI price reclaimed the 20-day EMA mark this week.

The SEI (SEI) token price showed signs of recovery this week, reclaiming the 20-day EMA mark. However, the bulls faced resistance at the $0.3000 level.

The altcoins showed a minor recovery from the bottom amid the market volatility. But the SEI token had a low volume recovery, indicating that investors were still hesitant to accumulate SEI.

Last week, SEI showed a strong bullish accumulation from the $0.2000 level. It surged over 45% at the time of writing.

When trading within a falling channel, buyers have been looking to break the overhead trendline resistance, which is placed around the $0.3600 mark.

The SEI token was in a strong downtrend with a sustained price lower low formation rolling in the downtrend. Last week, it hit a 52-week low.

The SEI token has been looking for a strong bullish extension as the Bitcoin price bounces back. It can quickly sprint the recovery and turn the prompt resistance into support.

SEI Price at Press Time

At press time, SEI was trading at $0.2922 with an intraday surge of 7.896%. It showed buying momentum on the charts. Its trading volume went up over 112% to $150.13 Million, indicating investors' optimism.

The SEI/BTC pair is at 0.00000497 BTC, and the market cap is $786.39 Million.

Will SEI Price Cross the $0.3200 Mark this Week?

SEI has been in a steep downtrend and under bearish influence for the past few weeks. From the peak of $1, it has corrected over 70% in the last six months.

The daily RSI line approached the midline trajectory, showing a bullish crossover. Moreover, the MACD and signal line lie to begin a clear bullish reversal after days of uncertainty.

@TJ Crypto, in his tweet, said that SEI was testing the patience of its investors. It could deliver a massive bullish reversal ahead.

#SEI $SEIPatience…. there is alot of moneyz ahead…. pic.twitter.com/cIByIYzkd7

As it trades near the 52-week lower region, the SEI trend reversal is turning the eyes of smart investors in the market. As the bulls regain consciousness, the $0.3200 mark is the prompt level to crack for the next bullish leg up.

What do On-Chain Metrics Data Say?

The development activity line stayed below the midline region over the last two months. It showed minor changes in the ecosystem and highlighted no significant contributions by the developers, hence the decline in the growth.

The social dominance curve was around 0.0065% for the last two weeks, showing low investor participation on the media platforms. This signifies a decremental move in the discussion activity and chatter amongst the investors.

With an intraday gain of more than 8%, the market is anticipating a reversal rally that would extend the rise.

Importantly, the Futures Open interest rose over 14.30% to $60.46 Million in the past 24 hours. It showed that the buyers indulged in accumulation and started making fresh, long positions.

If the token fails to crack the round mark of $0.3000, it may retest the immediate support trajectory around $0.2600. This would be followed by $0.2300.

On the flip side, the SEI token can head toward the upper region hurdle of $0.3300. The $0.3800 mark could follow this in the short term.