- The current ELF coin price is trading at $0.6606 above the previous month’s opening price.
- ELF coin price remained bullish for the four consecutive weeks.
- aelf crypto’s market capitalization has increased by 2.22% in the current trading phase.
aelf (ELF) is designed to become a complete business solution as an open-source blockchain network. The developers can independently deploy or run DApps on individual side chains to achieve resource isolation in this network. The project provides enterprise-level users with a flexible and practical modularized blockchain solution. The solution promotes the hand-in-hand development of both blockchain and other core economics.
ELF Coin Price Reflects Positive Returns Since the First Quarter of 2024
The ELF coin price made a bullish correction on the $0.3316 support level, breaking the $0.3906 resistance level. The price surged over 80% in November 2023, a massive success for crypto investors.
Subsequently, the ELF coin price took a pullback on the $0.4211 decisional point of interest created during the previous rally. Many crypto investors placed their orders on that particular level, resulting in the hike of another rally to the $1.1636 resistance.
This time, the price increased by nearly 173% by forming impulsive bullish candles. The pump in price reflected the total dominance of buyers over the ELF Coin price. Consequently, the price created a decisional demand level of $0.4862 during the rally.
The $0.4862 demand level is currently serving the bullish rally. Conversely, the price is moving 76.09% below its all-time high of $2.77. 24-hour trading has declined by 24.55%, ranked 350th among the 8885 active cryptocurrencies.
Technical Analysis of the ELF Coin Price
The ELF coin price is moving above the 50-day and the 200-day EMAs, reflecting a bullish trend. Recently, the price also rebounded by the 50-day EMA, which can lead to a required reversal toward the $0.7714 resistance.
Per the technicals, the ELF coin price consolidated for a month before breaking out from the $0.6138 upper range. The price remained bullish for the four consecutive weeks, reflecting a positive impression on crypto investors.
The price is moving toward the $0.8361 resistance level at press time. Recently, it faced resistance from the $0.6842 level, but the sellers failed to maintain selling pressure. If the ELF coin price closes above $0.6842, it may reach the $0.7714 resistance.
Moreover, the relative strength index (RSI) showed a bearish divergence in the momentum that resulted in the previous fall. However, the RSI slope is currently moving parallel to the price chart, reflecting neutrality.
Summary
The ELF coin is moving above its previous month’s opening price. The EMAs are moving below the current market price, indicating a bullish trend. The ELF coin price is currently moving toward the $0.8361 resistance. If the price sustains above that resistance, it may reach the $1.0550 resistance level.
Technical Levels
- Resistance Levels: $0.8361 and $1.1636
- Support Levels: $0.4862 and $0.4211
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.
Rajat is an MBA graduate specialized in finance who is a motivated self-starter, highly organized, and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. His primary focus is on cryptocurrency price analysis and industry news coverage.
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