Reef

bullish

2024

Flux

<p class="is-style-lead">Reef token rose for five consecutive days as demand in the spot and futures market rose after it was delisted by Binance.</p> 
<p>Reef (<a rel="" href="https://crypto.news/price/reef/">REEF</a>) rose to a high of $0.0012 on Sept. 3, marking its highest point in a month and 106% above its lowest point last month. This recovery brings its market cap to over $25 million.</p> 
<p>Reef’s recovery followed the launch of a new community developer fund by its developers, aimed at supporting projects related to lending protocols, hardware wallets, DAO infrastructure, and bridge integrations.</p> 
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   <p lang="en" dir="ltr">Our Community Development Fund 🛠️ dropped last Friday and we've received an overwhelming response to it! 💪<br><br>Check out the fund now and bond your <a href="https://twitter.com/search?q=%24REEF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank">$REEF</a> to participate 👇<a rel="" href="https://t.co/fmZJldaYr2" target="_blank">https://t.co/fmZJldaYr2</a></p>— 🐠 Reef (@Reef_Chain) <a href="https://twitter.com/Reef_Chain/status/1828800920681144562?ref_src=twsrc%5Etfw" target="_blank">August 28, 2024</a>
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<p>Reef’s rally led to a sharp increase in investor demand. Data from <a href="https://www.coingecko.com/en/coins/reef/historical_data" target="_blank">CoinGecko</a> shows that the 24-hour trading volume jumped to $45 million on Tuesday, up from $23 million on Sept. 1, marking its highest point in nearly a month.</p> 
<p>Additionally, Reef’s open interest in the futures market soared to <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank">$60 million</a>, its highest level in two years, significantly higher than August’s low of $3 million.</p> 
<p>Notably, Reef’s rebound occurred after the token was delisted by Binance, the most popular crypto exchange. Typically, cryptocurrencies tend to retreat after being delisted by tier-1 exchanges.</p> 
<p>Data indicates that most of the trading is happening on Gate.io, followed by HTX, KuCoin, and Bitget.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/flux-token-spikes-24-amid-debut-on-binance-futures/"> Flux token spikes 24% amid debut on Binance futures </a> </p> 
<h2 class="wp-block-heading" id="reef-price-crosses-key-resistance">Reef price crosses key resistance</h2> 
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 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/09/Reef-Price.png" alt="Reef price rebounds as futures open interest hits 2-year high - 25" class="wp-image-14295747">
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  Reef price chart | Source: <a href="https://www.tradingview.com/symbols/REEFUSD/?exchange=CRYPTO" target="_blank">TradingView</a>
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<p>Reef rose to a high of $0.0013, crossing the important resistance point at $0.0011, its lowest swing in August last year.</p> 
<p>Before its rebound, Reef formed a falling wedge pattern, a popular bullish reversal indicator. The token has now rallied above the 50-day moving average, while the Relative Strength Index is nearing the overbought level of 70. The RSI is a momentum indicator that measures an asset’s rate of change.</p> 
<p>The Average Directional Index, which measures the strength of a trend, was at 50 and pointing downwards. Therefore, the token will likely retreat briefly as traders take profits before potentially resuming the bullish trend.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/binance-saw-3-7b-worth-of-btc-eth-leave-in-30-days/"> Binance saw $3.7b worth of BTC, ETH leave in 30 days </a> </p>

Reef price rebounds as futures open interest hits 2-year high

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