- The trading volume of REEF Token in the last 24hr at the time of writing this article is $32 Million.
- The price of REEF/BTC and REEF/ETH at the time of writing this article is 0.00000037 BTC and 0.00000450 ETH, respectively.
- The 20MA is acting as a resistance
Long term view:-
In the daily chart analysis, the price is near the resistance. The bears are trying to break the support but failing to do so. The bulls came in and took the price above, but the bears are restricting the bulls from making a bullish trend. Let’s look at the technical analysis to see if the bulls will continue this run or if the bears will come in and head towards the support.
Firstly, the MACD is showing a bullish trend as the MACD line crosses the signal line, which is a buy signal for the traders, and soon, the MACD will start showing green histograms. In addition to that, the RSI is in the neutral zone near 33, and the RSI line is pointing towards the oversold zone of 30, which means the bears are winning the fight against the bulls in the order book.
Lastly, the 20MA crossed the 50MA and 100MA in a bearish trend, and the 20MA is acting as resistance, so the moving average shows a bearish move.
Short term view:-
In the 4-hour time interval, the 50MA acts as a second resistance, and the 20MA acts as the first resistance. The bulls are trying their best to break the resistance but failing again and again. The MACD shows green histograms as the MACD line is above the signal line, and there is no sign that the lines will change their direction soon.
In addition to that, the RSI is in the neutral zone near 54, and the RSI line is pointing sideways, which means the bulls and bears are giving each other a good fight in the order book. Lastly, the Moving average shows a bearish move as the 20MA is below the 50MA, and both are below the 100MA.
Conclusion:- Looking at both long term and short term, the bulls made a comeback but failed to continue, and now the bears are going to interfere and not let the bulls continue this trend. The trend now will be bearish, as the MACD and RSI in both charts show.