Reef (REEF), a cryptocurrency powering the Reef blockchain, may be preparing for a price surge following an extended accumulation period.
According to a recent analysis by Solberg Invest, the digital asset, which has plummeted by 98% from its previous highs, could see a massive rally with gains exceeding 500%.
The analyst’s price targets for REEF range between $0.15 and $0.38, representing a potential 8x return from its current levels. Despite a recent price drop of 14%, the rising trading volumes suggest growing market interest in the token.
Will $REEF have another massive run? After a 98%+ drop and 800+ days of accumulation, #REEF could be gearing up for a huge rally! I’ve got targets that could push it 500%+ higher, and if it reaches its all-time-high, we’re looking at an almost 8X gain! … pic.twitter.com/z78BLea1it
— Solberg Invest (@SolbergInvest) October 5, 2024
REEF Price Movement Overview
As of press time, REEF was trading at $0.005076, with a 24-hour trading volume of $22,858,497. The cryptocurrency has dropped 5.67% over the past day, positioning it at a market rank of #320 with a live market cap of $115,840,832.
The token’s price has shown volatility, with minor fluctuations, before entering a significant downward trend.
Recent data reveals that after peaking near $0.00537, the price fell sharply, dipping below $0.0050 and briefly touching a low around $0.0046. By midday of the following day, REEF had stabilized around $0.0051, indicating potential consolidation.
Source: CoinMarketCap
A candlestick chart for the REEF/USDT pair reflects considerable price volatility over recent weeks. Technical indicators such as the MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index) point to a bearish trend.
The MACD shows increasing bearish momentum, with the MACD line currently below the signal line and a series of growing red histogram bars. This suggests that downward pressure is intensifying.
Source: TradingView
However, the RSI sits at around 41.36, indicating that the market is not yet in oversold territory. Should the RSI move lower into oversold levels, it could signal a potential rebound, assuming market conditions shift and buying interest returns.
Accumulation Period and Future Targets
Solberg Invest’s analysis highlights that REEF has been in a prolonged accumulation phase lasting over 800 days, suggesting that investors are positioning themselves for a potential price breakout.
With the blockchain’s focus on decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming, REEF’s underlying technology could help catalyze future growth.
Should the anticipated breakout occur, Solberg Invest has set price targets of $0.15, $0.31, and $0.38. If achieved, these levels would mark substantial gains for investors, with the highest target representing an approximate 8x return from current prices.
The post Reef Price Prediction: REEF Set for 500% Surge After 800 Days of Accumulation, But Will It Break $0.15? appeared first on Coinfomania.
