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DODO and REEF Finance Technical Analysis: Bulls Recoil from Recent Highs

Analytics

cryptoknowmics.com 02 September 2021 13:35, UTC
  
Reading time: ~2 m

DODO and REEF bulls could be in control, but the reversal from August 2021 highs pour cold water on the uptrend. Even so, DODO is firm above $1.65.

DODO

The DEX implements an AMM-variant for better price stability using DODO as the governance token.

Past Performance of DODO

The DODO crypto token is recovering after registering new lows in H1 2021.

Although the community is upbeat and expecting more gains in the days ahead, the DODO token has resistance at an important reaction point of the H1 2021 trade range.

Presently, DODO is quite firm versus the greenback on the last trading day.

Day-Ahead and What to Expect

The DODO token bulls are slowly building momentum.

After bottoming up from H1 2021 pits, traders are confident.

However, for trend continuation and dismissal of H1 2021 bears, there must be a sharp, high volume burst above $2.5 in the short term.

On the lower end, dips below this week's lows at $1.65 might see the token slide towards July 2021 highs in a retest.

DODO Technical Analysis

The uptrend is defined, at least per the DODO technical analysis of August 2021.

However, the reversal from the 78.6 percent Fibonacci retracement of the H1 2021 trade range might dent bullish calls in the short term.

Losses below $1.65 would compound the draw-down back to $1.5 in the short term.

Even so, an upswing above $2.5 opens up new opportunities for optimistic DODO bulls aiming at $5.5.

Reef Finance (REEF)

The Polkadot-based DeFi protocol offers a range of products, including a smart engine and yield aggregator. Central is the REEF governance token.

Past Performance of REEF

At the time of writing, REEF is stable as buyers struggle to add to their gains.

Even so, the REEF technical analysis points to strength, trading in a bullish breakout pattern.

In the medium term, REEF crypto buyers might drive prices even higher.

Day-Ahead and What to Expect

REEF token buyers are confident despite the wavy price action of the last few days.

Technically, REEF coin buyers are supported in a bullish breakout pattern.

However, the indefinite trend is a cause of concern for traders expecting more gains above August 2021 highs of around $0.025.

In a retest, losses below the middle BB and $0.021 might see REEF price collapse back to July 2021 highs.

REEF Technical Analysis

There might be entries for aggressive REEF token buyers in the short term.

However, risk-off traders are sitting tight, expecting a close above August 2021 to confirm the uptrend better.

In that case, REEF prices might rally towards $0.05—doubling—in a buy trend continuation pattern.

Losses below the middle BB and $0.02 could cancel the uptrend, denting the hopes of REEF coin bulls.


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