Examining REEF crypto’s 80% decline in 24 hours – How, why, and what next?
- REEF crypto fell by 80% in 48 hours
- Is a rebound likely as weighted sentiment hits a monthly high?
REEF crypto, the native token of the Reef chain, extended its mid-week decline to a whopping 80% in 48 hours. It dropped from $0.01 to $0.002, unnerving investors, especially holders who jumped onto the token’s bandwagon recently.
Source: REEF/USDT, TradingView
Leveraged bears majorly drove the decline as Open Interest (OI) surged by 8.7 billion REEF as the price slumped. This suggested that more speculators opened leveraged short positions, pulling REEF even lower on the charts.
That being said, REEF had one of the wildest recoveries since September. It rallied by a whopping 1500% after delisting from Binance spot trading in…
