Sei Faces Significant Downturn Amidst Bearish Market Sentiment

Sei has experienced a notable decline, with its price dropping by 6.22% against the US Dollar in the last 24 hours, underperforming the broader cryptocurrency market, which saw a 7.88% decrease. SEI also recorded losses against major cryptocurrencies, with a 5.02% drop against BTC and a 4.64% decline against ETH.

The coin has been on a downward trajectory over the past month, losing 18.81% of its value. Despite a 205.23% increase over the past year, the medium-term outlook remains bearish. The Fear & Greed index currently reads 69 (Greed), indicating potential overvaluation and investor optimism.

Technical indicators show a predominantly bearish forecast, with 21 out of 24 indicators signaling negative sentiment. Key support levels are at $0.358746, $0.350662, and $0.337270, while resistance levels are at $0.380222, $0.393614, and $0.401698. The Relative Strength Index (RSI 14) is neutral at 39.19, suggesting no immediate overbought or oversold conditions.

In conclusion, the market sentiment for Sei remains bearish, with significant volatility expected. Investors should exercise caution and closely monitor market trends and key technical indicators.