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- The ELF trading volume has increased by 226% in the past 24 hours.
- ELF coin’s price has jumped by 55% in a few days, which could signify a reversal.
After solid selling pressure, the ELF price has surged by 55% in the past 4 days at the time of writing. The chart structure displays that the price has performed negatively since March.
According to the chart, buyers have made multiple attempts to gain bullish momentum. However, selling pressure was detected after buying on the same day, generating wick rejection.
The digital asset price defended the $0.350 mark for 3 weeks but triggered a breakdown on July 04. However, sellers were not too strong to continue the bearish trend, and buyers made a good comeback.
Based on the historical chart, the Aelf price has declined by forming lower lows and lower highs. At the time of writing, the price has generated a new lower high, and selling can be expected.
RSI Analysis
The Relative Strength Index (RSI) is 56, triggering a bullish crossover with the RSI-based moving average. The RSI has generated a bullish divergence, which indicates a bullish forecast. According to the technical analysis, the aelf coin price may gain bullish momentum further.
Greenery Session Coming Soon in Aelf Crypto?
$ELF || MORE GREENERY AHEAD!
— Crypto Catalysts (@Crypt0Catalysts) July 8, 2024
LOWER TF SHOWS A PROPER RETEST. ⚡
BID ON DA SPOT TO MAXIMIZE GAINS!
DIAMOND HANDS!
#alts #100x #eth pic.twitter.com/HeLpoaj164
A source on X claims the ELF price is expected to melt to the $0.375 mark for the retest and might show buying pressure. The price can gain around 60% after the retest in the short term.
Will ELF Price Overcome 200-day EMA Soon?
Aelf crypto price traded at $0.416 at press time, with a rise of 22.58% in the past 24 hours. The market capitalization was $305.18 Million, and the 24-hour trading volume was $132.61 Million.
The Aelf price is heading for the 200-day EMA in a daily time frame, and bulls appeared too strong. The volume of Binance has increased by more than 1000% compared to previous days.
Buyers might get involved if the digital asset price extends to the 200-day EMA and the volume sustains. Suppose the price triggers a breakout from the key moving average after the consolidation, intense buying pressure can be observed. It may turn into a trend reversal if the investors show interest.
Alternatively, if the ELF coin price faces resistance from the 200-day EMA, buyers might get panic.
In a 4-H time frame, the digital asset price has formed a lower high. Sellers’ interest at this level may look for a new lower low.
Will Aelf Price Trigger Reversal or Keep Falling?
ELF has experienced a significant surge after a period of bearish activity. The increase in trading volume and positive price movements indicate a potential bullish trend. The RSI analysis suggests a bullish forecast, and there is speculation that the price may retest $0.375 and gain around 60% in the short term. Additionally, the upcoming interaction with the 200-day EMA could be a significant turning point for the price. Overall, the market conditions indicate a potential trend reversal and increased buyer interest.
Technical Levels
The aelf crypto price is expected to face resistance from the $0.500 and $0.660 levels. The price may take support at the $0.350 and $0.300 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
