- REEF is bullish for a shorter time frame
- The daily price regains 50 exponential moving mean (EMA).
- REEF is rejected by 200 EMA, which acts as resistance in the daily timeframe.
While reef finance (REEF), is having a difficult time lately, the company has displayed great strength in rebounding up in a much shorter period. As the price dropped from an all time high of $0.3 up to $0.0048, Reef finance (REEF) has been struggling to stay bullish. The price is still in a downtrend and there’s little chance of it rebounding against USDT. (Data from Binance).
Reef Finance (REEF), Price Analysis on The Daily Chart
The REEF price declined from $0.3 a $0.0048 to 70% below its high. After rising from its $0.3 daily low to an all-time high of $0.0065, the REEF price displayed great strength before it was rejected by investors to climb higher.
The daily price chart for REEF looks solid despite the fact that it has seen more sell orders recently as the price holds. REEF must rally above $0.65 to regain its bullish mood. This resistance has been a problem for REEF’s prices.
REEF’s price is trading at 0.0048$ below its resistance; the price of REEF needs to hold above $0.007 to avoid the price from going lower due to the sell-off. The REEF price could hold at this level, indicating more confidence in a rally toward its resistance of $0.007 or breaking above it.
Breaking below $0.004 will result in the retesting of lower demand zones. This would also mean that bulls would not be willing to enter buy orders because there would more competition for lower prices.
For REEF’s price to restore its bullish move, the price needs to break and hold above the $0.007 resistance with more possibility of retesting $0.01
Daily resistance at the REEF price- $0.007.
Daily support for the price of REEF – $0.004.
Reef Price Analysis On the Four-Hourly (4H), Chart
This 4H-timeframe depicts REEF’s price breaking out on the upside. The price found itself in an area as it broke out higher.
The REEF price currently trades at $0.0047 on the 4-hour time frame. This is just below the 200 and 50 Exponential Moving Averages (EMA), which act as resistance to the REEF’s price. Reef’s resistance level of 200 EMA is at $0.0048. The current price of $0.0048 is the same as the REEF price. BTC must reclaim 200 EMA in order to continue trending higher.
Four-hourly resistance for the REEF price – $0.0048.
Four-hourly support for the REEF price – $0.004.
Binance Academy Charts, Featured Image from Tradingview