Reef Technical Analysis – How Much Will REEF be Worth in 2021? – This 2021 Reef (REEF) Technical Analysis is based on the study of technical indicators. Below, we have outlined the key factors that contributed to our REEF price analysis.
Reef is a decentralized finance (DeFi) platform based on Polkadot. It aims at delivering cross-chain trading. One of the project’s offerings is a yield engine and a smart liquidity aggregator. The project started in the second half of 2020. Reef’s backers contend that crypto trading, lending, and staking are fragmented so that all participants experience “painful outcomes”.
Reef provides liquidity aggregation and automation. In addition, it aims to address the shortcomings of existing trading platforms. In contrast to centralized exchanges, decentralized rivals usually lack liquidity and can be difficult to use.
REEF Current Market Position
According to CoinGecko, REEF is at $0.029 with a 24-hour trading volume of over $3,276,643,336, at the time of writing this REEF technical analysis. This means the price of REEF has increased by over 50% in the last 7 days.
REEF token has a current circulating supply of 14.74 billion REEF. For those interested in buying the token, REEF can be purchased and sold on Binance, Huobi Global, FTX, Mandala Exchange, and CoinTiger.
REEF Technical Analysis
Currently, REEF holds 184th place on CoinGecko in terms of market capitalization. Do you think the latest upgrades, changes, and developments in the REEF blockchain can help the crypto’s price to reach higher? Now let’s proceed to the chart in this REEF price prediction article.
As shown above, at the beginning of this month, REEF turned from its bear-to-bull trend. High volume of trades occurred during this period. Moreover, in the daily time frame, REEF showed an Ascending Scallop pattern.
Typically, this pattern accompanies an uptrend, but there are some instances when it can change and become a downtrend. In fact, the formation of this pattern in the chart above took place over the past month.
Ripple Technical Analysis – MACD, RSI, MA, EMA
When it comes to Moving Average Convergence/Divergence (MACD), the MACD stands just below the signal indicator making a bearish crossover. This represents that traders and investors may expect bearish days ahead. However, if the MACD points towards an upward direction, then we may expect more bullish days ahead.
Furthermore, the Relative Strength Index (RSI) is at level 70.75, this shows that REEF is in an overbought state. As a result, traders need to trade safely, as major price reversal could happen soon.
The chart above indicates the 50-day Moving Average and 30-day Exponential Moving Average of REEF. Currently, REEF is in a bullish state. Notably, the REEF price is above 30-MA and 50-EMA, so it is completely in a bullish state. Therefore, there is a high possibility of a Trend reversal at any time.
Ripple Technical Analysis – RVOL, ADX, RVI
Since the start of 2021, REEF’s price has seen many bullish moves which are higher than the previous one. Additionally, those are often followed by consolidations, fluctuations, and corrections right away.
The above chart shows the Relative Volume (RVOL) of REEF. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume. Currently, the RVOL of REEF lies below the cutoff line which indicates the weaker participants in the current trend.Now let’s look at REEF’s Average Directional Index (ADX).
Above, you can see a chart of the Relative Volatility Index (RVI). In detail, RVI calculates standard deviation over a period rather than absolute price changes over that period. RVI is above 50 level, this indicates the direction of volatility is to the upside.
REEF 2021 technical analysis shows that the cryptocurrency has a fantastic future ahead in 2021. Also, the project looks promising as it has high aims, a use case, and clear goals that target a broad market.
Bullish REEF price prediction 2021 is $0.5. REEF could also reach a new all-time high price if investors have decided that REEF is a good investment in 2021. Furthermore, together with growing adoption, positive price predictions, and a community composed of thousands of retailers, REEF is likely to be a good investment this year.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.