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Reef Finance (REEF) Breaks Out Of Long Isolation, Is This A Fake Rally?

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Reef Finance (Reef) Breaks Out Of Long Isolation, Is This A Fake Rally?
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  • REEF looks bullish on a lower timeframe
  • Price reclaims 50 exponential moving average (EMA) on the daily timeframe 
  • REEF price gets rejected by 200 EMA acting as resistance on the daily timeframe. 

Reef finance (REEF) has had a tough time recently but has shown great strength bouncing up in a lower timeframe. Reef finance has struggled to remain bullish as the price fell from an all-time high of $0.3 to $0.0048, with the price maintaining a downtrend with little hope of a relief rally or bounce against tether (USDT). (Data from Binance) 

Reef Finance (REEF) Price Analysis On The Daily Chart 

Despite a decline in its price from $0.3 to $0.0048, over 70% decline from its all-time high. The REEF price showed great strength as it bounced from its daily low of $0.3 to a high of $0.0065 before facing a rejection to break above that region to higher heights.

The price of REEF on the daily chart looks strong despite seeing more sell orders lately as the price continues to hold. For REEF to resume its bullish sentiment, the price needs to rally and break and hold above $0.65, as this has proven to be a resistance to REEF prices.

REEF’s price is trading at 0.0048$ below its resistance; the price of REEF needs to hold above $0.007 to avoid the price from going lower due to the sell-off. If the REEF price holds this region, there could be more belief of a rally to its resistance at $0.007 and possibly breaking and holding above this region.

A break below $0.004 would mean retesting lower demand zones and reluctance for bulls to step into buy orders as there would be more agitation for lower prices. 

For REEF’s price to restore its bullish move, the price needs to break and hold above the $0.007 resistance with more possibility of retesting $0.01

Daily resistance for the price of REEF- $0.007.

Daily support for the price of REEF – $0.004.

Price Analysis Of REEF On The Four-Hourly (4H) Chart

Four-Hourly REEF Price Chart | Source: REEFUSDT On Tradingview.com

The 4H timeframe shows the price of REEF breaking out o the upside as the price has found itself in a range as the price broke out higher.

On the 4H timeframe, the REEF price is currently trading at $0.0047, just breaking below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for the REEF price. The price of $0.0048 corresponds to the resistance at 200 EMA for the price of REEF. The price of BTC needs to reclaim hold 200 EMA for a chance to trend higher.

Four-hourly resistance for the REEF price – $0.0048.

Four-hourly support for the REEF price – $0.004.

Featured Image From Binance Academy, Charts From Tradingview

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Post-Merge Threatens Ethereum (ETH) Price?

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Ethereum (Eth) Price Down By 8% Despite Merge Developments
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  • After Merge, Ethereum reached the $1,200 price range.
  • ETH decreased by over 7% in the last 7 days and 25% in the previous month.

Ethereum (ETH), which was anticipated to regain $2,000 levels following its Merge upgrade, was drifting to the $1,327 level. Additionally, ETH reached the $1,200 price range on Wednesday. The Merge was done on September 15 of this month, switched from a proof-of-stake (PoS) mechanism to Proof-of-Work (PoW) consensus to make Ethereum more energy-efficient.  

Unexpectedly, there is a major twist for everyone, the merge effects were turned down. Over the last ten days, Ethereum’s price fell dramatically on the market. Additionally, the Ethereum market cap has dropped significantly to over $162 billion, with a stable trading volume of roughly $18 billion over the past day, as per coinmarketcap.

Hurting Over Ethereum

The price range of Ethereum has recently outperformed Bitcoin (BTC) in the market by a wide margin. It is due to the anticipation and excitement around Ethereum’s Merge upgrade. Also, the price of ETH was in a bullish trend, the price range of $1,600 started rising steadily to the $1800 mark.

Within 24 hours of the Merge implementation, Ethereum’s price decreased by below $1,500. This unfavorable effect of the price decline became a notable disappointment for both the whole market and the users.

However, after reaching the closing price of $1,252 on Wednesday, Ethereum slightly increased in back-to-back periods. Less than 24 hours after trading at a low of $1,252, ETH increased to a high of $1,346 on Thursday.

Moreover, Ethereum’s price was down by over 7% in the last 7 days and more than 25% in the previous month. At the time of writing, ETH traded at $1,327, as per CoinMarketCap.

Ethereum (ETH) price chart (Source: Tradingview)

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Robert Kiyosaki Declares the End of Fake Money

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Robert Kiyosaki Recommends Investors To Turn On Bitcoin
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