$SEI is starting to show signs of life after that sharp pullback looks like a relief rally might be forming. The bullish divergence on the body close is legit, especially with that solid 6% green engulfing candle backed by strong volume. That alone gives the bounce some credibility, at least in the short term. Worth noting though, the wicks aren’t confirming the same divergence, so it’s not a full clean signal just yet.
The real confirmation we’re still waiting on is a break above that descending RSI trendline. Until that snaps, this is still technically a counter-trend move, not a full reversal.
If price can clear that RSI level and volume stays ahead of the last expansion bar, we could see a run toward that first support/resistance zone and possibly stretch into the $0.10 area. That’s the window to watch on the upside.
But structurally, nothing’s changed yet this still looks like a bounce inside a larger downtrend. Unless we start flipping higher timeframe levels, the path of least resistance remains lower.