REEF Technical Analysis: Cryptocurrency Competes With Bitcoin
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Although buyers failed to close the last weekly candle above the mark of $0.028, they managed to seize the initiative. This week, the REEF price traded above this mark and reveals the ambitions of buyers to continue the growth trend with a target of $0.046.
Technical Analysis of REEF in the Daily Timeframe
The increase in interest in the REEF market at a time when the Bitcoin dominance is growing steadily also confirms the trading volumes on the daily timeframe. We can see in the chart that starting from 12 October, buyers began a new local growth wave and are still supported by high trading volumes. The $0.028 mark was broken on 16 October. After the successfully closed Saturday candle, sellers immediately checked for strength at the $0.028 mark. After two attempts to regain control of $0.028, sellers retreated and the wave of REEF market growth continues.
Only the sharp collapse of the Bitcoin market, the critical point of which is $58,500, can hinder the implementation of our main scenario. In this case, an alternative scenario will take effect, namely, the REEF price fall to $0.0225.
REEFBTC Price Has a Minimum Growth Perspective of 25%
As of June 2021, the REEFBTC market has been dormant. Global consolidation in the weekly timeframe created complete calm. However, last week we saw significantly increased trading volumes, which could mark the beginning of a global growth wave. To begin, buyers need to take control of the critical range of 0.00000062-0.00000069.
In the chart, we see that this liquidity zone has long been the lower limit of consolidation. Therefore, a large number of sellers have gathered in this range, which will not miss the higher REEFBTC price without much effort. But, fixing the price above the range 0.00000062-0.00000069 will allow buyers to continue the growth wave to 0.00000096. Bitcoin calming and stopping its aggressive growth can have a very positive effect on the REEF market. Thus, investors can get a good surprise even before the new year.