Sei crypto price crashed by over 7% today, Oct. 30, even after it was listed by Robinhood, the $125 billion trading platform.
Summary
- Sei crypto price crashed despite being listed by Robinhood.
- The decline happened because of the ongoing crypto market plunge.
- Technical analysis suggests more downside in the near term.
Sei (SEI) token dropped to $0.1835, down by over 50% from its highest point in August. It has also fallen by over 75% from its November highs.
Sei crypto price falls after Robinhood listing
The token dropped after Robinhood listed it, making it available to millions of clients in the United States and other countries. In most cases, cryptocurrencies rally after being listed by Robinhood and other exchanges.
Sei price crashed after the Robinhood listing because it coincided with the ongoing crypto market plunge. Bitcoin and most altcoins fell, with the market capitalization of all tokens falling by over 4% to $3.7 trillion.
These tokens crashed as liquidations in the industry jumped after the hawkish Federal Reserve interest rate cut. Officials hinted that they may not cut rates in December because of inflation risks.
On the positive side, Sei has some solid fundamentals. For example, the total value locked in its decentralized finance ecosystem jumped to 2.65 billion SEI tokens, the highest level since June.
Additionally, the supply of all stablecoins in the network jumped by 14.78% in the last 30 days to $168 million. Transactions rose by 90% to over 8.4 million as users take advantage of its low transaction costs.
Most importantly, Sei maintains its lead in the gaming industry. Data compiled by DappRadar shows that the number of total unique active wallets in the sector rose to 13.69 million in the last 30 days, much higher than opBNB, which had 5.45 million.
Sei price technical analysis
While Sei has strong fundamentals, technicals suggest that it may have more downside ahead. For example, the token formed a death cross as the 50-day and 200-day moving averages crossed each other.
The coin has also formed an inverse cup-and-handle pattern whose support is at $0.1676. It is now in the process of forming the handle section of this pattern.
Therefore, the token will likely have a strong bearish breakout in the next few days. A move below the lower side of the inverse cup-and-handle will point to more downside, potentially to the support at $0.10.
