The price of Reef (REEF/USD) has fallen by more than 50% since its highest level in November. After a huge price recovery, which brought Reef from $ 0.01 to $ 0.03, the price has fallen sharply. Reef is now at an important support level, which could serve as a reversal zone. Reef näis also located on the lower trend line of the symmetrical triangle it has formed, from which it can be deduced that we will soon experience a reversal. Reef has been trading under the symmetrical triangle since its Börs listing. So once a breakout occurs, Reef could make huge profits.
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Reef has formed a symmetrical triangle and has been trading under this triangle since its Börs listing. Therefore, the support level is of crucial importance, as a significant decline can be expected if the support trendline is broken.
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Reef is about to test the bottom trendline. As soon as a trend reversal occurs, long positions can be taken. However, these should be avoided if Reef breaks the underlying trendline.
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In November, a bullish golden crossover was observed, which indicates a bullish recovery in the near future.
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At $0.017, there is also a demand zone showing the bottom trendline and thus increasing the chances of a reversal.
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The RSI is at the lowest level from which a reversal of price development was previously observed.
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It looks like Reef will fall to the bottom of the trending trend line before a new recovery begins. Therefore, investors could also wait for the price to reach the level of $ 0.0176 fällt before taking a long position.
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Investors should be cautious, since Reef has fallen in recent weeks, so a stop loss should be maintained.
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The target is $ 0.237, followed by $0.030.
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