The recent performance of REI on Binance has shown an impressive upward trajectory. The price is currently trading at $0.06141, marking a 9.39% increase in the last 24 hours, as seen in the chart. One of the key resistance levels to watch closely is at $0.065. If the price successfully breaks through this barrier, we could see an upward momentum towards the next major resistance level at $0.095, a significant price milestone.
However, should the price fail to break through the $0.065 resistance, there is a risk of a pullback to the support level at $0.05. This is a critical level for bulls to defend, as a failure to hold at this support could lead to further downside movement.
Volume Confirmation
One of the most remarkable aspects of this surge is the 24-hour trading volume, which has increased 20-fold compared to the previous week. This sudden spike in volume indicates strong market interest and buyer enthusiasm, often a precursor to continued bullish momentum.
Futures Speculation
It's also worth noting that REI currently does not have a futures available on Binance. Market speculation suggests that once futures trading for REI is introduced, the coin could experience a 50% price surge, potentially bypassing any established resistance levels, including the $0.065 mark, and even targeting the $0.095 resistance.
Technical Indicators
- MA5 (Moving Average 5) is currently at $0.05505, reflecting short-term upward momentum.
- MA10 stands at $0.05298, suggesting the recent price action is well above the average for the past 10 days.
- MA50 is holding at $0.04975, indicating that the medium-term trend still supports the price at higher levels.
Conclusion
In summary, the REI is in a critical phase. The next few days will be pivotal in determining whether it can break through the resistance at $0.065 and head towards $0.095 or if it will face a correction towards the $0.05 support. Traders should keep a close eye on the volume and anticipate the upcoming futures, which could be the key driver for a significant price increase.
Disclaimer: This is not financial advice. Always do your own research.
