Bitcoin
Bitcoin (BTC)
$83,790.00 2.23776
Bitcoin price
Ethereum
Ethereum (ETH)
$1,874.86 3.60807
Ethereum price
BNB
BNB (BNB)
$614.44 3.38157
BNB price
Solana
Solana (SOL)
$127.69 2.70588
Solana price
XRP
XRP (XRP)
$2.15 3.27327
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000128 5.40808
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000076 8.77055
Pepe price
Bonk
Bonk (BONK)
$0.0000118 7.41404
Bonk price
dogwifhat
dogwifhat (WIF)
$0.428776 1.44479
dogwifhat price
Popcat
Popcat (POPCAT)
$0.194671 4.92214
Popcat price
Bitcoin
Bitcoin (BTC)
$83,790.00 2.23776
Bitcoin price
Ethereum
Ethereum (ETH)
$1,874.86 3.60807
Ethereum price
BNB
BNB (BNB)
$614.44 3.38157
BNB price
Solana
Solana (SOL)
$127.69 2.70588
Solana price
XRP
XRP (XRP)
$2.15 3.27327
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000128 5.40808
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000076 8.77055
Pepe price
Bonk
Bonk (BONK)
$0.0000118 7.41404
Bonk price
dogwifhat
dogwifhat (WIF)
$0.428776 1.44479
dogwifhat price
Popcat
Popcat (POPCAT)
$0.194671 4.92214
Popcat price
Bitcoin
Bitcoin (BTC)
$83,790.00 2.23776
Bitcoin price
Ethereum
Ethereum (ETH)
$1,874.86 3.60807
Ethereum price
BNB
BNB (BNB)
$614.44 3.38157
BNB price
Solana
Solana (SOL)
$127.69 2.70588
Solana price
XRP
XRP (XRP)
$2.15 3.27327
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000128 5.40808
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000076 8.77055
Pepe price
Bonk
Bonk (BONK)
$0.0000118 7.41404
Bonk price
dogwifhat
dogwifhat (WIF)
$0.428776 1.44479
dogwifhat price
Popcat
Popcat (POPCAT)
$0.194671 4.92214
Popcat price
Bitcoin
Bitcoin (BTC)
$83,790.00 2.23776
Bitcoin price
Ethereum
Ethereum (ETH)
$1,874.86 3.60807
Ethereum price
BNB
BNB (BNB)
$614.44 3.38157
BNB price
Solana
Solana (SOL)
$127.69 2.70588
Solana price
XRP
XRP (XRP)
$2.15 3.27327
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000128 5.40808
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000076 8.77055
Pepe price
Bonk
Bonk (BONK)
$0.0000118 7.41404
Bonk price
dogwifhat
dogwifhat (WIF)
$0.428776 1.44479
dogwifhat price
Popcat
Popcat (POPCAT)
$0.194671 4.92214
Popcat price

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

Jayson Derrick
Edited by
Markets
News
Reef price rebounds as futures open interest hits 2-year high

Reef token rose for five consecutive days as demand in the spot and futures market rose after it was delisted by Binance.

Reef (REEF) 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.

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.

https://twitter.com/Reef_Chain/status/1828800920681144562

Reef’s rally led to a sharp increase in investor demand. Data from CoinGecko 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.

Additionally, Reef’s open interest in the futures market soared to $60 million, its highest level in two years, significantly higher than August’s low of $3 million.

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.

Data indicates that most of the trading is happening on Gate.io, followed by HTX, KuCoin, and Bitget.

Reef price crosses key resistance

Reef price rebounds as futures open interest hits 2-year high - 1
Reef price chart | Source: TradingView

Reef rose to a high of $0.0013, crossing the important resistance point at $0.0011, its lowest swing in August last year.

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.

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.