Reef Finance (REEF) Breaks Out Of Long Isolation, Is This A Fake Rally?
21 Settembre 2022 - 6:00PM
NEWSBTC
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) Related Reading: Optimism
Analysis: Latest Figures Could Induce Investor Trust 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. Related Reading: ApeCoin Eyes $10 Ahead Of
Staking, Could This Be A Bullish Catalyst? Featured Image From
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