Reef Token Price Surge and Market Trends:
Reef token experienced a notable price increase over five consecutive days following its delisting by Binance, with demand rising in both the spot and futures market. The token reached a monthly high of $0.0012 on Sept. 3, marking a significant recovery from its previous low and pushing its market cap above $25 million. This surge was supported by the launch of a community developer fund by Reef’s developers, aimed at backing projects related to lending protocols, hardware wallets, DAO infrastructure, and bridge integrations.
Market Analysis and Trading Volume:
Following Reef’s rally, there was a surge in investor demand as evidenced by the spike in trading volume to $45 million on Tuesday. The token’s open interest in the futures market also soared to $60 million, its highest level in two years. Interestingly, most of the trading activity is now concentrated on Gate.io, HTX, KuCoin, and Bitget, with Binance’s delisting triggering an unexpected rebound for Reef in the market.
Reef Price Movement and Technical Indicators:
Reef’s price surpassed a key resistance level at $0.0011, reaching a high of $0.0013 and displaying signs of bullish reversal following a falling wedge pattern formation. The token has risen above the 50-day moving average and the Relative Strength Index is approaching the overbought threshold of 70. Additionally, the Average Directional Index, indicating trend strength, is at 50 but showing a downward trend, suggesting a potential brief retreat before resuming the bullish momentum.
