REEF/USDT Getting ready for a breakout. All signs show upwards🚀Intro:
- Reef Finance tries to become one of the most used blockchains for DeFi.
It's fast, scalable and has a low transaction costs.
Reef Finance is build with Polkadot Substrate and comes with on-chain governance.
- SEC confirmed that crypto will not be banned which is positive for the whole crypto market.
- DeFi projects appreciated a lot of attention during the first quarter of 2021 and probably will again during Q4.
- In circulation we have 13billion coins out of possibly 16-20 billion. Therefore we don't expect a strong pullback due to inflation.
- Total market cap is around 400million which seems too low.
Daily chart:
- Price shows a consolidation around the 0.03$. We did retest the old resistance around 0.025$ which turned into support.
- Volume shows a price spike together with price appreciation. Often times this is followed by a second round of prices spikes so we are watching closely. The chances we see this during the next days are pretty good.
- RSI analysis shows that bounced back from the red 80 line. We found support around the 50 line and get ready to go back up again.
- Support lines are at 0.025$?, 0.02$, 0.0165$ and 0.0135$. The ascending yellow line can act as support as well.
- Resistance lines are at 0.05$. Clear sky lies beyond.
Expectation:
- We expect another leg up after the current consolidation. All signs show strength and upwards momentum.
- DeFi will get more attention during Q4 again and not only for Tax reasons.
- We expect some consolidation around 0.03$ before we get through and a struggle around 0.05$. So far we see exactly that.
- End of the year prediction: We will see a 0.3$+ REEF before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
