Reef Finance (REEF) Breaks Out Of Long Isolation, Is This A Fake Rally?
- REEF looks bullish on a lower timeframe
- Price reclaims 50 exponential moving average (EMA) on the daily timeframe
- REEF price gets rejected by 200 EMA acting as resistance on the daily timeframe.
Reef finance (REEF) has had a tough time recently but has shown great strength bouncing up in a lower timeframe. Reef finance has struggled to remain bullish as the price fell from an all-time high of $0.3 to $0.0048, with the price maintaining a downtrend with little hope of a relief rally or bounce against tether (USDT). (Data from Binance)
Reef Finance (REEF) Price Analysis On The Daily Chart
Despite a decline in its price from $0.3 to $0.0048, over 70% decline from its all-time high. The REEF price showed great strength as it bounced from its daily low of $0.3 to a high of $0.0065 before facing a rejection to break above that region to higher heights.
The price of REEF on the daily chart looks strong despite seeing more sell orders lately as the price continues to hold. For REEF to resume its bullish sentiment, the price needs to rally and break and hold above $0.65, as this has proven to be a resistance to REEF prices.
REEF’s price is trading at 0.0048$ 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. If the REEF price holds this region, there could be more belief of a rally to its resistance at $0.007 and possibly breaking and holding above this region.
A break below $0.004 would mean retesting lower demand zones and reluctance for bulls to step into buy orders as there would be more agitation 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 for the price of REEF- $0.007.
Daily support for the price of REEF – $0.004.
Price Analysis Of REEF On The Four-Hourly (4H) Chart
The 4H timeframe shows the price of REEF breaking out o the upside as the price has found itself in a range as the price broke out higher.
On the 4H timeframe, the REEF price is currently trading at $0.0047, just breaking below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for the REEF price. The price of $0.0048 corresponds to the resistance at 200 EMA for the price of REEF. The price of BTC needs to reclaim hold 200 EMA for a chance to trend higher.
Four-hourly resistance for the REEF price – $0.0048.
Four-hourly support for the REEF price – $0.004.
Featured Image From Binance Academy, Charts From Tradingview