Intraday trading has seen REEF’s price dropping from its early morning hours price highs of $0.0065 to the current price of $0.0057. However, despite the 13 per cent price drop from today’s price high, Reef is still up 7 per cent for the session.
What is REEF?
The REEF token is the native cryptocurrency of the Reef’s blockchain. It is used in the platform to pay transaction fees on the network during the usage of its gas system and in on-chain governance.
Before the Reef platform transitioned to a fully-fledged blockchain network late last year, the platform operated as a decentralized finance application. The rebranding saw also saw it adopt use cases such as NFTs, smart contracts, DeFi, GameFi and contract development. Today, Reef users are also able to use it as a liquidity bridge and move their ERC-20 tokens between Reef and the Ethereum network.
Reef Price Prediction
Before yesterday, REEF had traded within a descending channel for the past four months. However, during yesterday’s trading session, the prices surged by 60 per cent, hitting the upper trend line of the descending channel and breaking out. However, the prices started to come down during the late hours of the trading session, which saw REEF price closing the markets with a gain of 38 per cent.
Therefore, today’s session, which also started strongly but has continued to drop in the past few hours, may be due to price corrections. Despite early morning hours of a strong bullish trend in today’s session, which saw prices surging by 21 per cent.
There is a high likelihood that today’s session will close below the opening price. However, in the next few trading sessions, I expect the bullish trend to continue, with prices hitting the latest price high of $0.0065 and trading above it. My bullish analysis will only be invalidated by prices dropping to trade below the $0.0045 price level.
REEF Daily Chart
