REEF Technical Analysis: 30% Fall Is Still Ahead
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In addition, trading volumes at lows are too low to reflect on market reversals. The only positive outcome of the REEF market without updating the lows is the organization of global consolidation in the range of $0.009-$0.0147. Only in this case, low trading volumes will be justified and buyers will get a chance for a new growth wave with the first target of $0.021.
Technical Analysis Of REEF On The Daily Timeframe
Analyzing the REEF price movement on the daily timeframe, we can see the attempt of buyers to change the market situation. On 10 February, the REEF price for some time went beyond the strong trend line of sellers. At increased daily volumes, buyers attacked the trend line, which provoked a new local fall wave. Now the REEF price is close to local support, where buyers have formed a small consolidation.
Note what the trading volumes were during the test of this range. Touching the mark of $0.009 sellers almost did not feel the resistance and aggression of buyers. Therefore, we can't count the $0.009 mark yet. In this situation, the fate of the REEF cryptocurrency depends on Bitcoin. If the BTC price is kept above $36,000, then a positive breakdown scenario of $0.0147 and an increase to $0.021 will be relevant. Otherwise, it is worth preparing for the test of $0.007.
The REEFBTC Price Is Approaching Historical Lows
If on the REEFUSDT chart the trading volumes have fallen significantly since November, in the case of the REEFBTC price - volumes have not been seen since May 2021. The last wave of the REEFBTC price fall from November 2021 took place at the lowest volumes in history. This is alarming because sellers can easily lower the price. Therefore, while in the REEFBTC market we will not see a dramatic increase in the interest of market participants - to invest in this project is very dangerous.