The REEF token is one of the altcoins that is on the watchlist of traders heading into the next week. This is because it has managed to retain its price levels despite the bloodbath that has occurred in the crypto market which caused a huge selloff in BTC and several altcoins.
Yesterday, the Reef Finance Team posted an update to its Twitter page, indicating that it was launching its Reef Chain Mainnet this May. This Mainnet is expected to allow developers to build the net generation of dApps.
Technical Outlook for REEF
A look at the REEF/USDT daily chart shows that price is trading within a rectangle pattern, with price bouncing off the lower border of this pattern. Bulls would be expecting an extension of this bounce to challenge the 0.06 price resistance, which forms the ceiling of the rectangle. A breakout above this level could target the 0.08 price area, which is the measured move from the rectangle pattern.
On the other hand, bears would be depending on a breakdown of the rectangle, which targets the 0.02 support level (30 January low). Below this level, additional support is seen at the 12 January low price of 0.0063. This sequence of moves may also follow from an ascent and subsequent rejection at the 0.06 resistance, targeting 0.04 initially, before the 0,02 support comes into play.