[REEF/USDT Margin (Future)] - Crypto Academy / S6T2- Team Trading Contest Post for Reminane

Hello Steamians... welcome to my fourth trade post for this week trading contest. I'm trading on REEF/USDT Margin (Future) in this post.

The name and introduction of the project token, which exchanges it can be traded on, project / technical information of the coin/ team background, etc.

Introduction of the REEF token

REEF is the acronym of Reliable, Extensible, Efficient, and Fast blockchain. Just as the name implies, it is a Reliable, Extensible, Efficient, Fast first blockchain layer for DeFi and NFTs. It provides low cost transaction fees, and scalability and this is because the REEF network runs on NPoS (Nominated Proof-of-Stake) consensus mechanism.

REEF was developed by Denko Mancheski. The aim was to help eliminate complexities and issues of DeFi faced by cryptocurrency users.

REEF Finance as a blockchain-based network built for DeFi and NFTs with unique features. The unique features on REEF blockchain help users to handle DeFi services and smart contracts without any interruptions.

Some of these unique features REEF chain offers includes;

• REEF consist of Global Liquidity Aggregator that assemble liquidity pool of both decentralized and centralized exchanges into the general Global liquidity aggregator.

• REEF chain has a Smart Yield Farming Aggregator which helps to get rid of DeFi issues and complexities. With REEF technical entry barriers are eliminated for DeFi users. The smart yield farming aggregator in the REEF chain is where borrowing, lending, mining, and staking takes place.

• It also has an artificial intelligence smart engine that helps users in decision making during smart contracts by serving as a guide for intelligence.

REEF Token

The REEF token is the native token of the REEF Finance platform. The REEF token is a utility token and it is an ERC-20 standard token, meaning that the REEF token can be used on Ethereum chain and vise versa without any form of modifications.
The price of REEF currently is $0.008909 with Circulating supply of 18.28 Billion REEF.

Use cases of REEF coin includes the following;

• The REEF coin is used on the REEF Finance platform for payment of gas fees.

• It is used for governance machanism on the platform. The governance mechanism is a situation whereby only holders of REEF are eligible to vote for governance changes, proposals, change of system parameters, new technology release etc in the chain and earn reward.

• The REEF coin is also used for staking and this staking is done with the aim of getting rewards.

Exchanges where REEF coin can be traded

REEF can be traded on decentralized exchanges where the coin is listed, and some of the decentralized exchanges that offers the REEF coin includes; Binance, Huobi, Uniswap, Bitfinex, Gate.io etc.

Why you are optimistic about this token today, and how long do you u wish it can rise.

My number one reason why I'm optimistic about this coin is the fact that the REEF Finance is a decentralized platform which makes it non-custodial thereby allowing users to handle and store their assets by themselves and not depending on the platform. And also REEF offers low DeFi technical entry barriers. These are features crypto users look up to in DeFi and smart contract projects.

Secondly, REEF reached its All Time High of $0.05841 on the 15th of March 2021 showing high scaling growth compared to the price when it was newly launched.
Though currently the price of REEF is at $0.008909 and this as a result of the deep in cryptocurrencies which is affecting all coins.

The price of REEF at the time of writing this post on the 5th of March 2022 was $0.008909 with a 24hours trading volume of $38,976,176 and the coin is ranked #268 on CoinMarketCap. Market Capitalization of $162,868,421 and Circulating Supply of 18.28B REEF.

The image below entails more statistical data of REEF.

From CoinMarketCap

How to analyze the token? (This can technical analysis and trading strategies learned from professor's courses) - This section is very important.

In analysing of the REEF coin, I visited Tradingview and I went to my Binance account to place the trade order.

REEF/USDT chart Tradingview

From the chart, we can observe that the EMAs is above the price which signals a downtrend but later there is a sign of reversal. There are a series of green candles which was formed after retesting the support level marked.

The price moved upward and sit above the EMAs which indicates a possible uptrend. After which I find a buy entry around $0.009645. And my exit points: TP = $0.009813 and SL= $0.009488.

The trade was executed on Binance. Later, I checked my trade and I observed it hit my TP. below is the transaction details.

REEF/USDT buy history from my Binance account

Your plan to hold it for a long time or when to sell.

My trading strategy was Margin (Futures), which means I won't be holding the coin for a long time. I'll exit the market once I get an opportunity to do so.

Do you recommend everyone to buy this token? Give reasons for your answer.

REEF Finance as a blockchain-based network built for DeFi and NFTs has unique features which help users handle DeFi services and smart contracts issues. This means that everyone can access and handle DeFi servicesand smart contracts on the REEF chain with ease.

Nevertheless the current price of REEF is $0.008909 which means it is a penny coin. The fact that the REEF coin is still a penny coin tells us that it is the best time for spot traders to buy the coin, I'll therefore recommend that long-term traders (Spot traders) buy and hold the coin and then sell it off when it rises to at least $1.

For short-term traders, I'll recommend they buy the coin using technical analysis to spot good entry positions and also I'll recommend they make good use of risk management techniques to maximize risk during trading.

Conclusion

In conclusion I'll recommend that for both long-term and short-term traders, It is necessary that before trading any coin we do our personal findings (technical and fundamental analysis) about the coin before entering the market.

Cc:-
@reminiscence01
@nane15