By Sei Network (SEI), an open-source layer-1 blockchain, has undertaken a localized -13% retracement following the +20% SEI price surge – leaving some panicked traders asking ‘is Sei going to zero’?.
The initial pump came as markets flipped bullish on Sei Network’s promise of empowering developers with hyper-fast throughput set to parallelize EVM.
TODAY’S LOSERS!$SEI$STX$BGB$SATS$HNT$BEAM$MINA$BLUR$EGLD#CoinMarketCap #CryptoCommunity #cryptocurrency #SEI #stacks #Bitget #Helium #BeamX #MINA #blurusdt #MultiverseEP2 pic.twitter.com/wMrzrN6ltA
— Kathy Nino (@kathyninocrypto) December 22, 2023
Traders are taking note of the scale of SEI’s retracement move, highlighting that the shift down has ranked SEI amongst crypto’s top losers on the daily measure.
Check Out: Best Web3 Crypto Projects 2024
SEI Price Analysis: Is SEI Going to Zero Amid -13% Retracement Move?
As price action continues to tumble, SEI is currently trading at a market price of $0.33 (Representing a 24-hour change of -10.44%).
This comes after rejection from an impressive all-time high for SEI price, with rejection triggered at $0.41.
Now in the midst of a free-fall, SEI price has smashed down through lower support at $0.36 – leaving further downside on the cards.
Indeed, it seems likely SEI will mount a full retracement down to test more established lower support at $0.30.
This would also act as a correction of the growing divergence above the 20DMA – which is currently sat low in the chart at $0.285.
On the bright side, the sudden retracement move has cooled-off the RSI to a significant degree, with the leading indicator now standing at 62.23.
Meanwhile, the MACD continues to display bullish divergence at 0.0082 – suggesting price remains on a bullish trajectory.
Overall, SEI looks strong here, with the retracement move much needed (as predicted on Monday), renewed support and consolidation here would leave SEI poised for a health rally continuation.
Current positioning leaves SEI with an upside target at $0.40 (a possible +18.24%).
While downside risk could see SEI plummet down to $0.30 (a potential -11.32%).
This leaves SEI price with a risk: reward ratio of 1.61 – suggesting a reasonable entry, and certainly not going to zero anytime soon.
Meme Kombat Smashes Past $4M Raised In Skyrocketing Presale – Don’t Miss The Next SEI
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
6000 Telegram Community Members!
And we’re still growing strong Thank you to everyone who has joined us! pic.twitter.com/eGXRN8AgYs
— Meme Kombat (@Meme_Kombat) December 22, 2023
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Meme Kombat Pits Leading Crypto Meme Communities in High Octane Staking Battles
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $0.246, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is Sei Going to Zero? SEI Price Drops 13% as Latest Meme Coin Surges Past $4 Million Milestone appeared first on Cryptonews.
