In this weekly analysis of $SEI /USDT, we observe a potential long-term reversal setup as the price tests a critical support zone. This level coincides with key Fibonacci retracement levels, suggesting that a bullish reversal could be on the horizon. The chart presents an attractive risk-to-reward ratio for traders looking to capitalize on a potential move back towards previous highs.

Key Observations:

Fibonacci Retracement: The price has retraced to the 61.8% Fibonacci level, a key zone often associated with strong support and potential reversals. This level is around $0.2454, which has shown to be a significant area of interest.

Descending Wedge: The price action has formed a descending wedge pattern, which is generally considered a bullish reversal pattern. A breakout from this wedge could indicate the start of a new uptrend.

Support and Resistance Levels: The immediate support is at the current price level around $0.2454, with major resistance levels identified at $0.9778 and $3.3109. A break above these resistance levels could open the door to much higher targets.#CryptoMarketMoves #MarketDownturn #BinanceTurns7