REI Network (REIUSDT) 24-Hour Market Overview

Summary

• Resistance at 0.01716 held after a 1.7% surge to 0.01725, with volume spiking 1.95M at 18:30 ET.
• Bearish engulfing candle formed at 00:00 ET (07/16), signaling potential short-term weakness.
• RSI oversold (34) at 0.01661, but no clear bounce; 38.2% Fib support at 0.01686 faces tests.

Market Context

REI Network (REIUSDT) closed at 0.0169 (12:00 ET) after a 24-hour range of 0.01636–0.01725, marking a 0.3% gain from the prior day’s close of 0.01684. Total volume reached 6.6M units, while turnover (amount) totaled 96 USD.

Technical Analysis

Structure & Formations

The price tested resistance at 0.01716–0.01725 (July 16’s open) but reversed sharply, forming a bearish engulfing candle at 00:00 ET. This suggests traders are reducing longs at elevated levels. A support cluster at 0.01686–0.01674—formed by multiple closes and a Fib retracement—appears critical for stability. Below this, 0.01661 (daily low) may act as a final buffer.

Moving Averages

On the 15-minute chart, the price remains above the 20-period MA (0.01684) but is pulling away from the 50-period MA (0.01678), hinting at weakening momentum. Daily charts show the 50-day MA (0.0167) aligns with the 0.01686 support zone, while the 100/200-day MAs lag at 0.0164, offering long-term context.

MACD & RSI

The MACD line dipped below its signal line in late trading, signaling a potential bearish crossover. RSI dropped to 34 (oversold) at 0.01661 but failed to rally strongly, indicating lackluster buying interest.

Bollinger Bands

Price hugged the lower band (0.0166) during the 0.01661 low, suggesting a volatility contraction. A rebound above the middle band (0.0168) could signal renewed momentum, but the upper band (0.0171) remains a near-term ceiling.

Volume & Turnover

A volume surge of 1.95M at 18:30 ET coincided with the 0.01705 high, confirming resistance. Subsequent declines saw reduced volume, implying weakness in selling pressure. The turnover data (amount) appears inconsistent with price action—likely a formatting issue—so focus on volume trends.

Fibonacci Retracements

A 38.2% Fib retracement at 0.01686 and a 61.8% level at 0.01674 form key support zones after the 0.01725–0.01661 drop. A breach below 0.01674 may trigger a deeper slide to 0.0164.

Forward Outlook

Next 24 Hours: The 0.01686 support will determine short-term direction. A sustained close above 0.0171 could reignite upward momentum, while a break below 0.0167 may invite further declines. Investors should monitor volume confirmation at key levels and remain cautious of volatility near resistance/support zones.

Disclaimer: Crypto markets are volatile; past performance does not guarantee future results.