Sei Network has experienced a worrying -20% drop in SEI price. But can SEI price analysis predict a potential crash ahead of Sei Network V2?
This retracement follows market-wide optimism regarding the upcoming Sei Network V2 upgrade. The upgrade aims to introduce a fully parallelized EVM.
$SEI Range: My gut feeling tells me that this isn’t for continuation, given how overextended the structure is.
I’m not ruling out a PO3 wick above -a fakeout kind of deal- but eventually, I believe the price will be below the bottom range. pic.twitter.com/6c8AUcxDr1
— the dude (@cryptodude999) January 17, 2024
Yet, with market sentiment shifting on crypto twitter, it seems that the aggressive +70% rally amid the V2 hype has led to over-extended technical structure, triggering the downturn in price.
SEI Price Analysis: As Sei Network Retraces From Over-Extended Structure – Is SEI Going to Crash?
Amid cascading price action, Sei Network is currently trading at a market price of $0.57 (Representing a 24-hour change of -3.6%).
This comes as the sixth day of consecutive downside for SEI price, in what has become a worrying tumble in value for the over-extended technical structure.
Critically, on January 19, SEI price lost the steadfast support of the ascendant 20DMA (now stood at $0.71) – which has left price in free-fall.
To highlight the importance of the 20DMA price level, this key moving average provided a backbone of support for SEI’s climb since November in response to market hype around Sei Network v2.
Now heading south, SEI price may find relief at a lower support level around $0.55 – a level with historic precedent providing multiple footholds in early January.
Yet, the emergence of double-barrelled rejection from upper trendline resistance at $0.88 highlights the potency of this downside movement.
In a bullish sign, which reinforces the idea of a bounce on the short-time frame at $0.55, the RSI indicator has now flipped to a bullish oversold signal at 44.63.
Meanwhile, the MACD is reflecting the dramatic loss of rally momentum, with minor bearish divergence at -0.0332.
Overall, SEI price analysis reveals a vulnerable outlook here, with Sei Network dependent on short-time frame support at $0.55 to prevent a drop to the lower-trendline.
This leaves SEI price with an upside target at $0.675 (a potential +17.05%).
While downside risk, is aiming for a bounce at $0.55 (a possible -4.63%).
SEI price analysis shows a current risk-reward ratio of 3.68 in the short term. However, this is a high-risk entry, echoing the adage ‘don’t catch a falling knife’.
Yet, as Sei Network V2 approaches and price action corrects, Bitcoin Minetrix’s presale emerges as an alternative high-growth opportunity, nearing a $10m milestone.
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Have you ever faced any regulatory hurdles or challenges related to #Bitcoin mining? pic.twitter.com/56zuTkdUo4
— Bitcoinminetrix (@bitcoinminetrix) January 23, 2024
$10M In The Crosshairs: Bitcoin Minetrix Surges Past $9.1M – Poised to Outperform SEI Price Analysis
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
Why Has Bitcoin Mining Become So Centralized?
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
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The Bottom Line: Don’t Miss BTCMTX
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
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