REEF - full analysis for 8th March

Mar 8, 2021

REEF has stabilized in recent few days and entered to a horizontal channel. We can also see a squish at the BB on 4h chart.
TP targets are at the 0.043 and 0.053, but after a break through 0.053 we'll most probably see a ride for the new ATH.
For now, we can have 3 possible scenarios:

• Break through resistance at 0.043, retest and ride to 0.053
  
• Consolidating at this level for a few days and bouncing off the resistance before breakout
  
• Trend reversal and breaking the 0.037 level - then going down to 0.027
  

Most probable are the 1st and 2nd scenario. Why?

Looking from the technical aspect, we can see a divergence at the RSI (Better visible at the 2-3h charts) which is basically indicating bullish move in the nearest future. Besides that, we're currently sitting at the level of strong support (recently retested 5 times, also it's a 0.382 level on fibbonaci and bottom band on BB).

After breaking the current ATH, next TP target is at the level of ~0.073, which is a 100% price growth from now.

Now taking a look at the fundamental aspects, REEF Finance have big plans for the rest of the March.
We have planned Polka DeFiance for the 18th of March and a few upgrade plans:
- Kusama Deployment
- ChainLink integration
- Dot Basket Engine
- Reef Basket Engine (v1)
- Yield Engine
- ETH Deployment Testing (v1)
- Multi-Ecosystem Support

With that being said, we can be certain that REEF has one of the ambitious plans for the March and a lot of new people can become interested in this coin.

The best entries will be after the retest of current support level, or after breakout through support - when you enter depends on you and your risk tolerance.