Highlights:
- Reef price dipped by 9% in the past 24-hours indicating a bearish trend
- Market downturn triggers REEF price to hover near critical support levels
- REEF could reach $0.001 if bearish trends persist without a rebound
Reef (REEF), a versatile and robust Layer-1 blockchain designed for decentralized finance, non-fungible tokens, and gaming, has shown notable price instability within the last day. Currently, REEF is navigating a downward trajectory, reflecting prevailing market downturns. This decline indicates a pronounced bearish trend affecting its market behavior. The Reef price is trading in decreasing trends, hovering below support levels.
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Reef Price Plummets, Erasing Month’s Gains
According to Spot On Chain, on October 16, the value of REEF plummeted by 58% in a single day, erasing an entire month’s progress. Analysis shows that this significant drop was driven by three linked wallets, which, within just two hours, offloaded a massive 866 million REEF across multiple exchanges, including HTX, KuCoin, and Gateio. This rapid sell-off led to an estimated loss of $2.53 million, marking a 55% decrease from their investment.
The $REEF price further plunged by 58% today, wiping out a month's worth of gains in just over a day!
Three wallets (one entity) appear to have panic-sold 866M $REEF ($2.07M) to #HTX, #KuCoin, and #Gateio in the past 2 hours, allegedly losing $2.53M (-55%).
Currently, they hold… pic.twitter.com/KWtgfgiwtu
— Spot On Chain (@spotonchain) October 16, 2024
In the aftermath, these wallets are left with approximately 89.45 million $REEF, valued at around $204,000, alongside an unrealized loss nearing $270,000. This event highlights the volatility and rapid shifts in the cryptocurrency market, reflecting digital currency investments’ high risks and potential rewards.
Reef Price Swings Wildly After Binance Delisting
Reef cryptocurrency has recently witnessed substantial price volatility following its removal from Binance’s spot trading market on August 2, 2024. The platform cited “diminished trading volume and liquidity” alongside “regulatory demands” as the primary reasons for its delisting.
In response, Reef’s developers have doubled down on efforts to rejuvenate the project, which saw the token’s value plummet to a record low of $0.000589 by August 30, 2024.
Earlier this year, Reef’s value had impressively surged by over 500%, peaking at $0.010, three months following its all-time low. However, the crypto community has recently been preoccupied with the token’s declining price.
The announcement of its delisting by Binance led to a 30% drop in its value. Subsequently, within the next 45 days, the price astonishingly soared by 1,700%. Critics within the community suggest that this dramatic rise and fall in value might indicate a pump-and-dump strategy by the team, especially after achieving a high price point.
Is Reef’s Recent Dip a Sign of Trouble Ahead?
Over the past 24 hours, the Reef price has experienced a notable drop of 9%, currently valued at $0.002033. During this period, trading volume significantly decreased, totaling nearly $100 million. Meanwhile, the Reef’s market capitalization has reduced to approximately $46.7 million, marking a 7.64% decline. The token has navigated significant volatility, with its value peaking at $0.002363 and bottoming out at $0.001857 within the same period.
Current market adjustments indicate that REEF might soon approach the critical $0.002 support level. If this downtrend continues, prices could fall to $0.0015, hinting at a potentially oversold status, and drop to $0.001.
Alternatively, if bullish sentiments take hold, the digital currency could rise to meet the $0.0025 resistance mark, signaling a potential rebound. Maintaining this level might set the stage for REEF to aim for $0.003. Furthermore, a robust increase in bullish activity could push the token past the significant milestone of $0.00001, indicating substantial gains.
The 24-hour technical indicators for REEF price show downtrend signals. The Moving Average Convergence Divergence (MACD) presents a subtle, bearish signal with the line crossing below the signal. The Relative Strength Index (RSI) indicates a neutral trend at 37.15.
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