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Cryptocurrencies: 12,870
Markets: 940
Marketcap: $ 2.06 T(0.18%)
24h Vol: $ 77.17 B
BTC Dominance: 48.69%

SEI Network Drops amid Wider Market Retracement

Key Takeaways

Sei Network (SEI), a layer-1 blockchain, experienced a 13% price drop after an initial 20% surge. The price increase was attributed to Sei Network’s promise of high-speed throughput that could parallelize EVM. However, SEI’s retracement has placed it among the top losers in the cryptocurrency market for the day.

Price Analysis

SEI’s market price dropped to $0.33, a 24-hour change of -10.44%, after peaking at an all-time high of $0.41. The SEI price fell through the lower support at $0.36. Analysts anticipate a potential further drop to more established support at $0.30. A correction aligns with the 20-day moving average (20DMA), which is currently at $0.285.

Despite the drop, the Relative Strength Index (RSI) cooled down to 62.23, indicating less overbought conditions. The Moving Average Convergence Divergence (MACD) shows a bullish divergence at 0.0082, suggesting the price may still be on an upward trend. SEI could reach an upside target of $0.40 (+18.24%), while the downside risk could lead to a drop to $0.30 (-11.32%).

Innovative Web3 Projects Gain Ground

Additionally, Meme Kombat, a decentralized Web3 platform combining nostalgic gaming with GambleFi, has raised over $4 million in its presale. Meme Kombat invites player bets on AI-driven animated battles with transparent and unpredictable outcomes. The project’s openness, including sharing information about an upcoming audit, credible leadership, and an Amsterdam-based physical address, adds to its trust.

Meme Kombat offers the option to stake its token ($MK) at a price of $0.246 and provides a generous 112% APY, integrating rewards with gaming opportunities. Meme Kombat is an innovative addition to the crypto space, blending memes, gaming, and blockchain technology.

Disclaimer

Cryptocurrency is high-risk and should not be taken as investment advice. Users could lose all invested capital. The contrast between SEI’s price drop and the success of the latest meme coin, Meme Kombat, reflects cryptocurrency’s volatility.

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