- AELF(ELF) declined by -8.97% in the last one month.
- The trading volume of AELF showed a spike of +1.88% in the last 24 hours.
- The current trading price of AELF is $0.2691 trading with an advance of +0.44% in the last 24 hours.
AELF(ELF) was making higher highs on the charts but has recently started to decline by breaking the previous swing low in the 1D timeframe.
Elf is a cloud-based, open-source cryptocurrency token introduced by Aelf. Using cross-chain technology, it seeks to build a decentralized blockchain network and a self-evolving network that can be customized for different commercial needs.
AELF(ELF) has started to decline from the higher levels after staying in an uptrend for a short span of time and is currently declining after rejection from the higher levels. If AELF continues the sell-off momentum we can see a new lower low structure in the upcoming days resulting in a further downtrend.
There has been a spike of +1.50% in the volume of the AELF resulting in $3,992,631 with current CoinMarketCap ranking of #148.
AELF(ELF) Technical Analysis
Source: AELFUSDT. BINANCE.1D by TradingView
EMA: The AELF(ELF) is currently trading below the 20,50-day Exponential moving average with an existing bearish crossover which represents the presence of sellers in the market and if sellers continue to drag the market then AELF(ELF) can show further lower prices which can further lead to a downtrend.
RSI: Based upon the current market scenario the RSI for AELF(ELF) looks weak as it is trading below the level of 50 after making a double top at the same level of 58.7 resulting in a bearish signal which represents the presence of sellers in the market and based upon this if RSI continues to draw down further in the upcoming days then we can get to see a good fall in price of AELF in the further upcoming days.
Market Structure: The AELF(ELF) reversed from the level of 0.2524 making a higher high but failed to sustain on higher levels and started to drag down resulting in the continuation of a downtrend which represents further weakness in the market. Based upon the current scenario the market is trading inside a descending triangle and any breakdown below the triangle pattern can lead to a very good momentum on the downside, resulting which we can see new lower levels in the upcoming days.
Conclusion
Hence, by looking at the charts we can see that the AELF(ELF) was rising from the last few days but recently broke down the higher high structure and has started to dall again by creating newer lower low structure trading in a bearish crossover of 20,50 Exponential crossover. The RSI is also trading below the level of 50 by making a double top indicating weakness in the market. On the break of $0.2526, we can see a fresh down move as it will result in a breakdown of descending triangle pattern.
Technical Levels
- Support Level – 0.2526 and 0.2418
- Resistance Level – 0.2859 and 0.3041
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
