Date: Monday, March 10, 2025 | 08:35 AM GMT

The cryptocurrency market has experienced significant events over the past week, including U.S. President Trump's introduction of the Crypto Strategic Reserve, the signing of executive orders for a Bitcoin Strategic Reserve, and the hosting of a White House Crypto Summit. Despite these developments, the market remains under pressure, with the broader downtrend that began after the November rally continuing to influence prices.

This extended correction has placed considerable bearish pressure on altcoins, including Sei (SEI), a Layer-1 token that has seen an 8% decline today, extending its 90-day drop to 64%.

Testing Key Support Levels

The weekly chart for Sei (SEI) indicates the formation of a potential double bottom pattern at a critical support zone between $0.19 and $0.26. After a significant rejection at the $0.7361 resistance level in December 2024, SEI has faced a steep decline. Since then, buyers have consistently defended the support zone, though the ongoing sell-off has hindered a sustainable rebound.

At present, SEI is trading near the lower end of this vital support zone at $0.19, making this a decisive moment for the token. If the double bottom structure holds, it could signal a recovery rally toward the 25-day moving average (MA), which would likely serve as the next major resistance level.

The MACD (Moving Average Convergence Divergence) indicator suggests a potential reversal. While the momentum remains bearish, a bullish crossover could indicate the first signs of a trend shift. However, confirmation is required through increased buying volume and a break above immediate resistance.

Potential for a Recovery

If SEI manages to maintain its position within the $0.19 to $0.26 support range and confirms the double bottom pattern, a strong relief rally may be on the horizon. The initial upside targets would be at $0.30 and $0.41, which aligns with historical price movements where similar patterns have led to recoveries.

However, should SEI fail to sustain the support at $0.19, a breakdown below this level could lead to further declines, with the next significant support located around the $0.11 mark.

In conclusion, SEI's price action is at a pivotal juncture. The outcome of this crucial support level will likely determine whether the token can reverse its bearish trend or face further losses.

#SEİ #SEICoin #WhaleAccumulation #CryptoMarketWatch #JobsReportShock