REEF Price Surges 314%: Can the Rally Continue?
REEF has outperformed most other cryptocurrencies by achieving an impressive 314% surge in its value as stated by Cryptorphic on X. The tokens price rally comes after breaking crucial resistance levels, and analysts expect more uplift if the present trend will persist. This sharp price change has not gone unnoticed by the rest of the crypto community, and many are now waiting to see what the assets next move will be.
In an earlier analysis, Cryptorphic thus pointed out that the resistance area between $ 0.00121 and $ 0.0013 is a critical level for the REEF price. This zone was the key level that REEF had to overcome to be able to maintain its upward movement. The cryptocurrency went beyond this level and did it quickly, provoking a parabolic rally that led to a threefold increase.
Price action that enables REEF to penetrate the resistance trendline is the key that the token needs to hold onto for the bullish run. If the price is close above this level, it would be indicating that the token could see even more rally in the upcoming days if it stays above this trendline.
REEFs Bullish Outlook
As REEF has fully crossed the previous resistance level, experts are positive about the future performance in the coming days. If coin manages to sustain above the newly identified support, more gains could be expected. The next few days will be crucial in assessing if this trend will continue or not but as of now, the bulls are in control.
This could be due to investors waiting to see if the token can hold onto this breakout or not. In the past, this has been a precursor to further gains as the market continues to respond well to the technicals of the asset in question.
As the price of REEFs token keeps on surging high, the attention now turns towards the potency of these gains to be sustained. If it manages to stay above the key resistance turned support, an additional bullish price action may follow, thus supporting the current positive perception of the token in the market.
However, no crypto asset is without its risks and one of such risks is volatility. The market players will be keeping a close eye on token price action in the next few days to see if the bulls would be able to hold the ground or if the price would go down. At the moment, REEF continues to be one of the best performing assets as it evidences the possibility of further growth in the constantly expanding crypto space.
Read more: https://www.tronweekly.com/reef-price-surges-314-can-the-rally-continue/
Text source: TronWeekly
