SEI Trading Down on South Korea’s Largest CEX: Why Did SEI Crash This Morning?

Sei Network is trending, but SEI price is down at press time yet still within a bullish breakout formation. Are there better trades this week?

Crypto is down at press time, with some top altcoins posting discouraging double-digit losses in the past four days.

While Bitcoin is the focus, SEI, the native currency of the Sei Network, wasn’t spared the sell-off. Presently, the path of least resistance for top altcoins, including Solana and Ethereum, remains southwards.

The good news is that not all coins are bearish. There are meme coins like Sudeng (HIPPO) that outperform the markets, but SEI, despite the recent dump, is technically bearish. From the daily chart, SEI is down 22% from September highs.

SEI Price Is Down 23% But Not Out: Will Bulls Take Over?

Still, SEI is within a bullish breakout formation after breaching July highs in late September. The retracement, pushing SEI 22% from the recent swing high, means it has completed a retest–typically of a breakout formation.

If prices rebound today, then SEI may float higher, even benefiting from the broader bullish sentiment following its stellar performance in the better part of Q3 2024.

(SEIUSDT)

The strong underlying strength may be the basis of another leg up, pushing SEI to fresh highs and even to 2024 highs.

However, the Sei Network must be steady and reliable.

Early this morning, Upbit, one of South Korea’s largest crypto exchanges, briefly halted deposits and withdrawals, citing network issues.

More Details $SEI Has Paused Block Generation https://t.co/8F6bXlJY6A pic.twitter.com/qWXmm1Pwmk

— Luumuno | 🦧 (@samuel_cooling) October 4, 2024

Although the hitch has been resolved, such events reduce liquidity and may negatively impact prices, slowing down or even puncturing the uptrend.

Upbit said the issue has been resolved.

As SEI tries to shake off weaknesses, traders will look at fundamental factors. The recent launch of seiyanETH, a Liquid Staking solution on the Sei network, is a positive development.

It will allow users to earn rewards without losing access to Ethereum; a massive positive for ETH and SEI.

Memebet On Fire: Is MEMEBET The Next Gem?

Amid this optimism, smart investors are also exploring Memebet, a new but promising presale.

In the ongoing Memebet presale, over $300,000 has been raised.

What’s unique about Memebet is that it merges the excitement of meme coins and the potential of gaming.

Through Memebet, meme coin holders of Dogecoin, Shiba Inu, and the rest can place wagers and stand a chance to win real-world prizes.

There will be Degen bonuses and airdrops, during which holders of MEMEBET can enjoy exclusive benefits, including entry into the Memebet Casino Lootboxes.

Additionally, there will be P2E wagering, in which those who actively bet and generate high volume will magnify their rewards.

As part of its community-building efforts, Memebet is hosting the Gleam giveaway. Ten presale investors will each receive $1,000 worth of MEMEBET.

Analysts believe the token will fly once MEMEBET is listed on mainstream DEXs, even outperforming SEI.

EXPLORE: Is It Possible to Get Free Crypto CATS? Here’s The Best Way to Stack CATs in Q4

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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.

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.
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