When Binance launched REEF , it had just landed in the golden bounce zone just above $0.028875 USDT/REEF down from its most recent high of $0.05650. The case for a REEF is strong as the next true resistance should be at $0.065182 given the absolute highest point of $0.300000. However, due to the flash crash this morning, many alt coins were tested and the price line of $0.028875 has been breached; opening the opportunity for REEF to sink even lower. My assumption leads me to assume that Binance was longing REEF as well given the timing.
I’m predicting the next retracement on REEF to bring us to the following price lines in the short term with a moderate time frame of recovery:
These are very realistic positions to hold on REEF with limit buy orders. Special caution must be taken if the asset nears the price line of $0.015063. If it so much as touches that price line, we may see an even greater REEF crash. down to the following levels, where the time frame for recovery will be even longer:
The asset is currently in a state of confusion as it consolidates in an attempt to sync back up with the non-futures chart. This can lead to low short-term and a short, downwards movement as REEF stakeholders develop paper hands in response. REEF certainly has potential to cross above $0.300000 again, but it’s going to be a long, treacherous road back to the top and beyond.