- REEF Token Price has taken support at the long-term support level of $ 0.012
- The token earlier formed a bearish head and shoulders pattern on the daily chart
- The coin has been trading in trend zones lately on the hourly chart
REEF Token Price has formed a head and shoulders pattern on the daily chart. The token broke out from the pattern to a bearish reversal, however, the coin has long-term support at $ 0.012. The coin has taken support at this level and is currently trading between the neckline of the head and shoulders pattern and the long-term support level. The token earlier was in a symmetrical converging pattern and broke down from the pattern after forming a triple top within the wedge. The Relative Strength Index (RSI) is showing underbought signals for the coin and the signal line and the 14 days SMA have also crossed over indicating bullishness for the coin.
REEF Token Price has been trading in parallel trend zones on the hourly chart. The token was initially trading in a zone between $ 0.019 and $ 0.017 before getting into a negative sloping parallel channel for close to a week earlier in this month. The coin then took long-term support at $ 0.012. The coin made a bullish reversal after testing the long-term support and is now consolidating between $ 0.013 and $ 0.015. The coin looks to consolidate further in this zone for the next few trading sessions.
Conclusion:
The coin has taken support at its long-term support level after a bearish head and shoulders pattern. The coin is currently trading in trend zones consistently. The coin looks set for a reversal in either direction at this moment.
Support: $ 0.012
Resistance: $ 0.017
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