Reef price defied gravity on Tuesday as cryptocurrency prices retreated. The little-known coin surged to a high of $0.0067, which was the highest level since October 20th. It has jumped by more than 20% from the lowest level this week.
Why is REEF soaring?
Reef, which stands for Reliable Extensible Efficient and Fast, is an Ethereum Virtual Machine (EVM) network. It is an EVM-compatible blockchain network for Decentralized Finance (DeFi). Some of its top features are fast, scalable, and low transaction costs. It was created using the Substrate Framework.
Reef’s ecosystem is growing. Some of the top applications in its ecosystem are Reef app, Reef extension, Reefscan, Subscan, and Reefswap. Reefswap is similar to Uniswap while Swid is the first NFT marketplace in the Reef ecosystem.
Reef price has done well in the past few weeks as investors cheer the network’s expansion. In October, Pax.world selected Reef to be its platform for it metaverse network. Pax offers advanced audio, video, and chat features for the metaverse.
Reef price also rallied after Isekaiverse adopted its network for its metaverse growth. Isekaiverse is a next-generation decentralized anime metaverse based on the original TV show Mystic Reign. It was established in 2021. In a note, Reef’s founder said:
“Reef is thrilled to welcome Isekaiverse to our expanding ecosystem. This strategic development is focused on supporting the unique idea of Isekaiverse and delivering exciting opportunities to our communities.”
Another key catalyst for the Reef price was the addition of Binance as a validator of ReefChain. That was a major issue since Binance is the biggest crypto exchange in the world. REEF was also listed in Bitget, a leading crypto exchange.
🐠 $REEF is listed on @Bitgetglobal and trading is live!
🏆 Don’t forget to participate in the ongoing REEF trading Competition, $7,000 in REEF up for grabs!
More details: https://t.co/xo7SEF79vB
Trade $REEF / $USDT pair: https://t.co/XMuLY842CT#BuidlTheReef #ReefChain pic.twitter.com/sZXMMxghbq
— Reef – Reliable. Extensible. Efficient. Fast. 🐠 (@Reef_Chain) November 3, 2022
Reef price forecast
Reef price surged to a high of $0.0066, which was the highest level on October 20th. As it rose, the coin surged above the important resistance level at $0.0057. It rose above the 25-day and 50-day moving average while the Stochastic Oscillator is at the neutral point at 50.
Reef has dropped by more than 12% from the highest level on Tuesday. It has also formed a head and shoulders pattern. Therefore, there is a likelihood that the coin will have a bearish breakout in the near term. If this happens, the next key support to watch will be at $0.0050.
How to buy Reef
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Buy REEF with Binance today
Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.
Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.
Users can benefit from a beginner-friendly interface and relatively low fees.
Buy REEF with KuCoin today