Reef Finance mum as bulls ignore Hypersign partnership, BitFinex listing; what to expect?

Reef Finance mum as bulls ignore Hypersign partnership, BitFinex listing; what to expect?
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Key takeaways

  • Reef Finance announces partnership with Hypersign for a functional integration on Reef Chain
  • Its digital currency listing on Bitfinex is underway
  • The price of REEF fluctuates timidly inside the descending channel

YEREVAN (CoinChapter.com) – Reef finance announced the integration of Hypersign in its ecosystem. Combined with the recent listing on BitFinex, the news has yet to reflect in REEF price.

The upside resistance may be the consequence of bullish exhaustion in Bitcoin, the benchmark crypto that largely influences trends across altcoin markets.

Related: Amazon denies Bitcoin payment rumors; BTC price dumps 10%

Hypersign partnership to change Reef Chain experience

On July 26, Reef finance announced welcoming Hypersign to Reef Chain. The cross-chain operating system provides a uniform platform to swap currencies in decentralized and centralized exchange projects.

Besides being another addition to the cross-chain network participants, Hypersign’s decentralized identity (DID) and security management system built on Ethereum is now the gateway to the Reef Chain.

The new decentralized login allows for secure and password-less authentication for Reef users. Moreover, its Dapp users will have the possibility to repurpose their logins on Hypersign.

The advantage of the W3C-compatible(World Wide Web Consortium) solution is that the passwords are not saved on a country-native server. In addition, the self-sovereignty standard eliminates hacking risks and data storing costs. 

Reef Chain will be one of the first protocols to adopt FIDATO, the latest development of Hypersign. The solution is a password-less authentication system that clears bots and fake accounts off the network for Initial DEX Offering (IDO) Launchpads.

Listing on Bitfinex ignored by the market

Earlier, on July 23, Reef Finance announced the REEF listing on Bitfinex.

The listing expects to expose REEF before a multi-million dollar market, where the project can find users who enter the crypto market just with their credit cards.

Nonetheless, the recent price movements do not reflect enthusiasm. In the last month, REEF/USDT has formed a descending channel pattern with no sign of an upcoming breakout as of yet.

The persistence of a descending channel lies in the expectation of investors. When the price toggles toward the lower band, traders start buying, pushing the price upward, but with a stop-sell at the upper band. Thus, breaking this pattern requires external factors to create momentum.

Related: Reef Finance and falling wedge pattern—is it a good buying opportunity?

At press time, REEF trades at around $0.014, which is a 24% increase since July 20. While the price stays inside the channel, the sharp increase does not register a breakout yet. But if the upswing does happen, the Fibonacci pivot points suggest it will have to establish a level at $0.018.

Descending channel in REEF price.
Descending channel in REEF price. Source TradingView.com

While the exponential moving averages continue diverging, it seems impossible for the price to make leaps to return to its peak at $0.051.

The net volume indicates that the buying pressure is proportional to previous periods, where short-run mellow increases led to more persistent selling pressures. 

Nevertheless, it is essential to consider that the listing on Bitfinex is not underway yet. The trading will begin only on July 28, when the price may increase due to the new demand channel.

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