- Aelf (ELF) crypto price declined by 50% since the last week of December.
- The investors and traders are keen to lift the price to the $1 mark.
Aelf is an open-source blockchain network designed as a complete business solution. The structure of ‘one main-chain + multiple side-chains’ can support developers to independently deploy or run DApps on individual side-chains to achieve resource isolation. Aelf technology adopts parallel processing & AEDPoS Consensus Mechanism.
Aelf crypto price has been in a strong bullish trend since November which rose by 225% and registered a 52-week high of $1.16 on December 24, 2024. Since the last week of December, the ELF crypto price witnessed strong selling pressure and declined by 53% in a week.
Last month, the Aelf price consolidated between $0.520 and $0.600, and due to this consolidation, the Aelf price may witness strong momentum after the breakout in any direction.
After a huge fall, the ELF price has managed to defend the 100-day moving average which suggests that buyers are still in the game. RSI is at 54 which has recovered from the oversold zone and heading toward the overbought zone.
ELF Price Has Formed an Ascending Triangle
At the time of writing, the Aelf crypto price is trading at $0.597 which has dropped by 1.44% in the last 24 hours. The market capitalization of Aelf is $427.15 Million and the 24-hour trading volume is $6.95 Million.
After a big downfall, the ELF crypto price has defended 100-Day EMA and showing slow gains. The price has been continuously facing resistance from the $0.600 level and currently, it is at the resistance level of $0.600.
If the ELF price manages to surpass the $0.600 mark and sustains, buying momentum can be expected for the short term. But if the investors bring back their confidence, it may recover all the recent losses.
As per the technical chart, the Aelf price is near the resistance level and forming a negative candlestick. If the current candle manages to engulf the precious four candlesticks, the price may melt to the 100-Day EMA soon.
But if the ELF price fails to defend the 100-Day EMA then it may easily melt to the 200-Day moving average and strong selling pressure can be observed.
ELF Crypto Price Prediction FAQs
What is the ELF price prediction today?
The Aelf price is predicted to drop 2.80% to reach $0.589 by today.
What is the ELF price forecast for tomorrow?
As per the price action, the Aelf price may decline 2.49% to reach $0.575 by tomorrow.
What is the current Aelf price sentiment?
The current ELF price prediction sentiment is bearish according to our technical analysis.
What is the ELF price forecast for this week?
According to our technical analysis, the ELF price may perform negatively. The price is predicted to range between $0.600 and $0.566 by this week.
Conclusion
Based on the current market conditions and technical analysis, the ELF crypto price is facing resistance at the $0.600 level and is currently in a consolidation phase. The price may witness strong momentum after a breakout in any direction if the price manages to surpass the resistance level and sustain.
Technical Levels
Resistance Levels: $0.600 & $0.850
Support Levels: $0.530 & $0.425
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.