Sei Price Forecast: Will Robinhood Listing Spark a Rally?

Sei price slipped despite recent optimism around its Robinhood debut, falling 4% in the past 24 hours. The token initially rallied 15% over the week leading up to the listing, but plunged 7% post-launch.

The broader cryptocurrency market experienced the same pressure, dropping by 1.76% on October 31. The pressure was put on the market after the Federal Reserve representatives mentioned a possible delay in rate cuts because of the still-existing inflation worries. The announcement brought about a sudden liquidation of $640 million, causing the markets to go down.

Bitcoin price fell below $110,000, and Ethereum dipped under $3,900, dragging down other major altcoins. Over $1.2 billion in long positions were wiped out. Approximately $200 billion in market capitalization vanished amid this widespread bearish sentiment. Sei is now trading slightly below $0.20, mirroring the risk-off environment gripping the entire crypto sector after the recent macroeconomic signals.

Robinhood Lists Sei Price Amid Market Slump

The SEI token is publicly available for trading on Robinhood, which means it is now accessible for more than 25 million users around the world. In the past, the introduction of tokens on Robinhood would lead to a massive increase in prices. SEI, however, did not follow that and went down drastically right after its introduction.

However, the listing has turned out to be a great opportunity for Sei Network. Robinhood handles more than $200 billion worth of assets, and this listing of SEI gives it a chance for long-term growth when the market becomes favorable again.

Analysts Predict Potential Rebound to $0.31

According to his recent update on X, the TD Sequential indicator has flashed a buy signal, suggesting a possible upward move. Ali stressed that maintaining the $0.19 support level was crucial, and in case this price holds strong, Sei would be able to bounce back to $0.31.

Initially, Ali remarked that Sei had displayed strength at the support area. He pointed out that an increase in purchasing activity might give the token a push upwards, likely taking it to the range of $0.31 to $0.44. This aligns with the technical chart shared, which indicates a possible recovery ahead following recent declines.  Now traders are waiting to see if Sei will be able to keep the momentum and validate the anticipated rebound.

Can SEI Price Rebound From Key Support?

The SEI price is showing signs of exhaustion after a prolonged downtrend, hovered near the $0.191 level. 

The Relative Strength Index (RSI) is currently at 35.98, which indicates that the market is bearish but not too far from the oversold area. The blue MACD line has also just crossed the signal line, indicating a weak bullish crossover.

If the SEI price continues holding above $0.160, a rebound toward $0.20 may be likely. On the other hand, a dive beneath $0.160 would clearly indicate a downward move to $0.120. In case the bullish vibe gets even stronger and the level of $0.250 changes to support, SEI might set $0.30 as its next primary goal.