Reef Finance (REEF) and Wanchain (WAN) Technical Analysis: What to Expect?
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Reef Finance (REEF)
The Polkadot-based project aims to be a leading interoperable trading platform linking to Avalanche, Ethereum, and other leading protocols. REEF is its governance token.
Past Performance of REEF
REEF prices remain under what appears to be insurmountable pressure.
From the daily chart, REEF is trading within a bear breakout pattern after losses of June 21.
In spite of recent gains, REEF/USDT is below the primary reaction points, skewing price action against determined bulls.
Presently, REEF prices are steady on the last trading day.
Day-Ahead and what to Expect
REEF/USDT is bearish, falling below $0.02 and shedding over 70 percent of Q1 2021 gains.
The token has primary support at $0.01—the 78.6 percent Fibonacci retracement level of the H1 2021 range.
A recovery could be on the picture, correcting the undervaluation of June 21.
Nonetheless, the uptrend will be valid once there is a sharp break above $0.02.
REEF/USDT Technical Analysis
REEF is recovering, posting marginal gains in the last few days.
Still, the uptrend may be weak if there is no confirmation of the past three gains, validating the double-bar bullish reversal pattern of June 22 and 23. In that case, aggressive REEF bulls may load the dips, aiming at $0.02.
Unexpected losses below $0.01 and the 78.6 percent Fibonacci retracement level deflate bullish attempts.
Wanchain (WAN)
The Ethereum-fork depends on WAN. It supports DEXes and DeFi, differentiated by its registration, data transmission, and querying modules.
Past Performance of WAN
The downtrend is steep and WAN bears are in control.
WAN prices might be expanding, but after over 80 percent losses of H1 2021 gains, a relieving recovery is no surprise.
Already, there has been a confirmation of the double-bar bullish reversal pattern of June 22 and 23.
As of writing, WAN is up roughly three percent against the USD with decent trading volumes.
Day-Ahead and what to Expect
The downtrend is still valid as WAN prices find resistance at the middle BB.
In a breakout pattern, $0.75 is the immediate resistance level of which WAN bulls must overcome for buy trend resumption of the first half of 2021.
WAN/USDT Technical Analysis
Every low, for now, might present a loading opportunity for WAN bulls.
Still, the downtrend remains valid.
Risk-averse traders can stay off until there is a sharp close above $0.75 preferably with rising trading volumes in a trend reversal pattern.
On the other hand, risk-on traders may buy on dips provided WAN/USDT prices trend above $0.45.