Sei February Price Outlook: Bearish Momentum Dominates Near Critical $0.07 Zone.

SEI remains under pressure as technical weakness outweighs ecosystem optimism. Sei is a high-performance, layer 1 blockchain optimized for trading & payments with both fast finality & low latency. 

Recently, the network has emphasized its expanding infrastructure for stablecoins and is working to position itself as a scalable settlement layer. At press time, the coin is trading at $0.07652 with a decline of 8.38% over the past 24 hours.

Technical Momentum Remains Effectively Bearish

The daily chart from TradingView shows a clear downtrend since the beginning of September. The price continues to put in lower highs, and the recent breakdown of the $0.091 support confirmed continuation of this bearish trend.

The volume of red candles also continues to expand, indicating increasing selling pressure. The MACD is still in negative territory with multiple bars indicating a widening separation between the MACD & signal lines – suggesting that momentum still favors sellers.

Immediate support is located near $0.070, with a significant amount of resistance stacked above $0.091-0.116.

Source: TradingView

Also Read: Ondo Finance Expands Tokenized Treasuries to Sei With USDY RWA Token

Sei Demonstrates Expansion of Omnichain USDT Liquidity

Sei Network has recently announced the integration of omnichain USDT liquidity, allowing it to position itself as an expedited & more accessible payment/trading settlement layer via this global stablecoin.

The network Labs has stated that the world’s most liquid stable coin will now be available to users without sacrificing speed, thus establishing utility for the long run. However, this news has not produced bullish price momentum yet.

Coin Codex estimates limited upside

CoinCodex estimates a price range for the coin of $0.056 to $0.081 in February 2023. The forecast shows an average price of about $0.064 across that timeframe.

Although there is expected to be a small increase in price month-over-month, it seems likely that the price will consolidate instead of changing direction.

Source: Coincodex

In conclusion, the coin enters February with positive developments on the fundamentals, it is still under some pressure from a technical perspective.

It is unlikely that any bullish price action will become more than just corrective unless price can return above the $0.091 area. If it can’t, downside risks remain high.

Also Read: SEI Eyes $1.00: Bounce Near $0.087 Could Trigger Massive Rally