Reef, a DeFi (Decentralize Finance) platform built in Polkadot with the aim of delivering cross chain trading. It is a smart liquidity engine and aggregator founded by Denko Mancheski.
Reef announced it will launch the Canary version of the Reef Chain mainnet. Reef Chain is a blockchain network focused on DeFi using the ‘Substrate’ framework, which offers a range of features to dominate DeFi DApps.
(1) 🔜 Save the date - #ReefChain will deploy the Canary version of our Mainnet on May 28th
Reef Chain is a #DeFi focused #blockchain developed using #Substrate framework, which will offer a host of features to power the DeFi DApps of today.https: //t.co/tBQMKyr7Wc
- Reef Finance - The Gateway to DeFi (@ReefDeFi) May 20, 2021
Reef Finance has also introduced various DEFI products in a short period of time, namely ‘Reef Bonds’ and ‘Reef Baskets’ aimed at further facilitating efforts in investment and portfolio management.
Let’s take a look at the price movement on the REEF/USDT chart.
This week's price increase was blocked at the $ 0.037 resistance level before the price dropped back to the SBR (support become resistance) zone around $ 0.035.
It can be seen REEF saw a price spike of over 120% at the market opening this week. The $ 0.058 price level is the all -time high (ATH) level ever recorded.
If observed, the REEF price movement has penetrated the SBR (support become resistance) zone around the $ 0.034- $ 0.036 level. The zone level needs to be passed by the REEF before making a higher jump and testing the resistance zone that has been reached around the $ 0.054- $ 0.057 price.
But if the price movement for REEF continues to make even lower declines, the RBS zone around $ 0.025– $ 0.028 will be tested first.
At the time of writing, REEF is trading at $ 0.31, down nearly 11% in 24 hours. The coin is currently ranked 117th in the crypto market.
