Reef Finance (REEF) continues with Green Days; How long with the latter?

  • The REEF price continues to show the market how it’s done, as the price tends to be in the green zone for two days in a row.
  • REEF is trading above key resistance as the price breaks out of the range and sustains above the 8-20 day EMA.
  • REEF price anticipates a $0.01 rally as key resistance turned into support.

Reef Finance price has continued to show its strength as the price tends to post double-digit gains against Tether (USDT) on two separate days in a row. With the crypto market cap bouncing off its weekly low as the market continued to look promising, Reef Finance price was not left out as price broke out of its long weekly range, with price trending higher. (Binance data)

Reef Finance (REEF) price analysis on the weekly chart.

The cryptocurrency market got relief, as anticipated for most altcoins. However, some altcoins have continued to be range bound with the recent surge in price among most crypto assets.

The REEF price in previous months has been stored in a range chart as the price was unable to break out of the actual volume. REEF price continued to move between the $0.004 and $0.003 region in an attempt to break out and trend higher.

After a long range move, with a month looking good for most altcoins, as many call it the month of October, REEF price broke out on some good volume from its range as the price rose to a maximum of $0.065

REEF has a very good use case and was certainly a catalyst as price hit an all-time high of $0.3 before seeing its price rejected to a low of $0.003 as price bounced off this region for minor relief.

With the current structure, the REEF price has been maintained; we could see the price rally to a high of $0.01 if the relief state of the market holds for longer.

Weekly resistance for REEF price – $0.01.

Weekly support for REEF price – $0.004.

REEF price analysis on the daily chart (1D)

REEF Daily Price Chart | Source: REEFUSDT at Tradingview.com

On the daily time frame, REEF price continues to show strength as the price made a 20% gain despite the market appearing to have stalled on price movement; After hitting a daily low of $0.003, REEF price rallied to a high of $0.005, where price was rejected into a range of $0.004-0.003 as price struggled to break out.

On a successful breakout, REEF price rallied very aggressively as the bulls were in control of the price, taking it to a high of $0.0067.

REEF price is currently trading at $0.0053, just above the 8-day and 20-day EMA. The price of $0.0050 and $0.0048 correspond to the prices of the 8-day and 20-day EMA for REEF on the daily time frame. With REEF price holding strong and a possible price continuation, we could see a retest of $0.01 before long.

Daily resistance for REEF price – $0.00650.

REEF price daily support – $0.005.

Featured Image From Zipmex, Charts From Tradingview

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