Reef Finance (REEF) Breaks Out Of Long Isolation, Is This A Fake Rally?

REEF looks bullish on a lower timeframe Price reclaims 50 exponential moving average (EMA) on the daily timeframe REEF price gets rejected by 200 EMA acting as resistance on the daily timeframe. Reef finance (REEF) has had a tough time recently but has shown great strength bouncing up in a lower timeframe. Reef finance has struggled to remain bullish as the price fell from an all-time high of $0.3 to $0.0048, with the price maintaining a downtrend with little hope of a relief rally or bounce against tether (USDT). (Data from Binance) Related Reading: Optimism Analysis: Latest Figures Could Induce Investor Trust Reef Finance (REEF) Price Analysis On The Daily Chart Despite a decline in its price from $0.3 to $0.0048, over 70% decline from its all-time high. The REEF price showed great strength as it bounced from its daily low of $0.3 to a high of $0.0065 before facing a rejection to break above that region to higher heights. The price of REEF on the daily chart looks strong despite seeing more sell orders lately as the price continues to hold. For REEF to resume its bullish sentiment, the price needs to rally and break and hold above $0.65, as this has proven to be a resistance to REEF prices. REEF’s price is trading at 0.0048$ below its resistance; the price of REEF needs to hold above $0.007 to avoid the price from going lower due to the sell-off. If the REEF price holds this region, there could be more belief of a rall...