Currently, SEI [SEI] is trading in a range between $0.242 and $0.4. On the 15th of September, the price faced resistance at the mid-range level of $0.32, which was not overcome by the bulls.
However, the scenario changed on the 19th of September when the resistance was breached, opening up the possibility for SEI crypto to rally towards the $0.4 level.
Volume Indicators Signal Caution for SEI Crypto
Observing the daily chart, the price action displayed a bullish trend. After bouncing off the $0.262 support zone, there was a rejection at the mid-range level. Nevertheless, the upward momentum regained strength a few days later.
With the daily RSI climbing above the neutral 50 mark, it indicates the dominance of buyers in recent trading days. However, the OBV and the CMF have not yet confirmed a buy signal.
The OBV has not reached the local highs set towards the end of August, suggesting that until it surpasses this level, the $0.35 resistance could pose a challenge for the bulls.
Similarly, the CMF stands at +0.01, showing no significant buying pressure at the moment.
Not All Liquidity Pools Expected to be Retested
According to CryptoCrypto’s analysis of the liquidation heatmap data from Hyblock, a substantial pool of liquidity is identified between $0.216 and $0.232.
Initially, it seemed likely that this zone would be revisited, especially with SEI crypto lacking upward momentum in the past few days. However, the recent decision by the Fed to reduce rates by 50 basis points had a positive impact on Bitcoin [BTC], subsequently boosting sentiment around SEI.
As a result, the price bounce indicates that the $0.43 liquidity pocket could be the next important zone for price movements.
Disclaimer: The views expressed are personal opinions and do not constitute financial, investment, or trading advice.