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- ELF crypto’s Trading volume has dropped by 67% in the last 24 hours.
- The price of this crypto asset has also dropped by 7.81% in the previous two days.
The price movement of the Aelf cryptocurrency suggests that buyers were fervent, gaining a lot of impetus around November 2023. The cryptocurrency shot up to a high of $1.16000 from $0.35000. It produced a supply area at the top level, which led to a strong buyer rejection. Consequently, the price dropped and support was built at $0.48500.
The price showed seller rejection at this support level, preventing the price from falling further. The cryptocurrency has shown signs of life again as its price has bounced back from a critical milestone on the daily chart of about $0.48500.
The ELF price is rising, but with little speed, as it tries to break through the next resistance level. At the time of publication, the cryptocurrency had lost 2.55% over the previous day. The market price is now at $0.63655, and it is having difficulty rising above $0.64615.
Technical Analysis of the Aelf Price Over Daily Timeframe
On a wider time frame, the Aelf crypto price has been in a bullish trend and has defended the 100-day moving average. Yet, the ELF price has witnessed bullish momentum and has faced resistance from the $0.675 level in the short term.
In the past 2 days, the ELF price has witnessed good selling pressure and heading for the support level of $0.600. If the price drops to the $0.600 mark and forms a bullish candlestick, buyers may become interested, and the price may behave positively. A short-term bullish momentum can be expected if the ELF price surpasses the last swing high.
On the other hand, if the Aelf crypto price slips below the $0.600 mark, it may easily approach the strong support level of $0.550. Suppose it fails to defend the $0.550 level; strong selling pressure can melt the price to the 200-day moving average.
The Aelf Crypto Price Technical Analysis on 4-H Timeframe
The RSI is at 54 and dropped from the overbought zone, indicating the bear’s lead. The current market price of ELF is $0.625, with an intraday loss of 2.33%. The market capitalization is $446.17 million and the 24-hour trading volume is $15.48 million.
In a 4-H time frame, the Aelf crypto price has been rising through an inclining channel and is currently at the support level. Sellers may take the charge if the price slips below the channel and fails to defend the 100-day moving average.
However, it may consolidate in the channel for some more time and show bullishness for the next few weeks if the price manages to defend the $0.620 level.
Conclusion
Based on the technical analysis of the Aelf crypto price over the daily and 4-hour timeframes, it is currently facing resistance from the $0.675 level and has witnessed good selling pressure in the past 2 days. However, if the price manages to defend the support level of $0.620, it may consolidate in the channel for some more time and show bullishness for the next few weeks.
Technical Levels
Support: $0.600 & $0.550
Resistance: $0.680 & $0.770
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.
