Is Reef's correction over?

Reef (REEF / USD) has fallen more than 50% since its high in November. After a tremendous recovery that brought Reef from $ 0.01 to $ 0.03, the price fell sharply. Reef is now approaching an important level of support that could serve as a reversal zone. Reef is also approaching the lower trendline of the symmetrical triangle it formed, suggesting that we are about to see a reversal. Reef has traded under the symmetrical triangle since it was listed. So, once an outbreak occurs, Reef could make huge profits.

Reef formed a symmetrical triangle and has traded under that triangle since it was listed. Hence, the level of support is of vital importance as a significant decline can be expected if the supportive trendline is broken.

Reef is about to test the bottom trendline. As soon as a trend reversal occurs, long positions can be taken. However, these should be avoided if Reef goes off the supportive trendline.

A bullish gold crossover was observed in November, suggesting a bullish rebound soon.

A demand zone can also be seen at $ 0.017, strengthening the supportive trendline and increasing the chances of a reversal.

The RSI is at the support level from which a reversal in price action was previously observed.

It looks like Reef will bounce back on the supportive trendline before a new recovery sets in. As such, investors may want to wait for the price to drop to the $ 0.0176 level before entering a long position.

Investors should be careful as Reef has been falling in the past few weeks so a stop loss should be maintained.

The target is at $ 0.237 followed by $ 0.030.

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