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SEI market watch: Long-to-short ratios indicate bullish sentiment, but…
SEI has been experiencing a tumultuous period recently, with the asset declining by 9.48% over the past month and an additional 5.95% in the last 24 hours. As it stands, traders are facing uncertainty due to conflicting signals from various indicators.
While the long-to-short ratios based on account sizes and position sizes among top traders on Binance indicate a bullish bias, other metrics suggest that the tide may be turning against SEI. According to Coinglass, the amount of available liquidity has surged in recent hours, indicating that spot traders are transferring funds to exchanges in preparation for selling.
This increased supply of SEI has led to a positive Exchange Netflow, which could signify a decline in the asset’s value. However, it is essential to note that this trend has only recently turned positive since October 14th.
The long-to-short ratios themselves paint a more optimistic picture, with a current ratio of 3.65 and a positions ratio of 2.2286. This indicates that top traders are aggressively betting on SEI’s price moving higher. Furthermore, liquidation data from Coinglass reveals that short liquidations have exceeded long ones by $12,890 over the past four hours, suggesting increased pressure on short traders.
The asset has recently tested the bottom of its ascending channel, which could signify a potential reversal to the upside. If this were to happen, SEI’s price may target $0.65 in the future. Nevertheless, the current situation leaves much to be desired for traders seeking clear direction.
Source: ambcrypto.com
