Today, let's discuss Reef, a token positioned at the intersection of DeFi, NFTs, and gaming, aiming to pioneer blockchain solutions for the future. Recently, they shared their 2024 roadmap, unveiling numerous updates such as the Reef mobile app, ReefSwap on mainnet, IDO platform, stablecoins, DAO infrastructure, and much more.
Upon observing the monthly chart, Reef's current situation doesn't seem very promising. It's down nearly 90% from its all-time high, despite showing a positive trend in recent months. Additionally, their recent tweet suggests that their app is already in the testing phase, indicating progress aligned with their roadmap. Considering this, I anticipate significant returns from here.
On the weekly chart, we notice sell-side liquidity present around $0.0099. If it crosses this level, it could swiftly reach $1.36 and $1.76. Consequently, a return of approximately $4 could be expected in the future.
Analyzing the daily chart, Reef is currently trading at $0.44, engaging in regular trading within a range for quite some time. It's likely to swing up to $0.69 in the future.
For entry, I've opened the four-hour chart, observing a bearish movement indicated by a deviation from the red line. This suggests a potential drop followed by a rebound, which can be further analyzed using the four-hour chart.
In the four-hour chart, we observe bearish movement with an order block at $0.0028. Entry could be considered at $0.0028, with an exit point at $0.0038.
Finally, I'd like to emphasize that this is not financial advice. If anyone experiences losses by following this analysis, I hold no responsibility.