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- 1 Aelf has bounced back from a low point and is breaking through resistance levels.
- 2 It has shown good performance in the past and has bullish indicators.
The Aelf crypto price action signifies that the buyers were excited with tremendous momentum near around November 2023 as the token surged from the demand level of $0.35000 to a high of $1.16000. It built a supply area at the top price level, which initiated a powerful buyer’s rejection, and the price plunged and developed support at the $0.48500 price level.
At this support level, the price demonstrated the seller’s rejection, which averted the price from composing any new lows. The crypto asset has exhibited symptoms of a resurgence as its price rebounded from a key price level of around $0.48500 on the daily chart.
However, the current price momentum is low in the ELF token price, and it is gradually moving upwards, aspiring to bounce past the resistance level ahead. At the time of publishing, the crypto asset was down 1.65% in the last 24 hours. The current market price is trading at $0.66790 as the buyers try to jump above the $0.68490 level.
Now, it appears like the Aelf token is on the point of giving an astonishing breakout as soon as it jumps above the resistance level, as it accumulates buying momentum while sellers lose grip. That will pilot the Aelf price to shatter the resistance levels and swim higher and higher from the existing upward trendline base.
Therefore, if the demand for the ELF crypto token spikes, the asset price could surge vigorously from the current level. The next objective for the crypto price would be to reach $0.75500, resistance will be at $0.68490.
Will ELF Crypto Break Out Of the Range?
In addition, the Aelf asset price exemplifies bullish characteristics and highlights that it has the potential to reach larger levels in the forthcoming sessions ahead. It has illustrated good performance in the prior week, month, and quarter by 6.37%, 19.81%, and 24.77%, respectively, implying strength in the forthcoming sessions.
Furthermore, the ELF crypto is growing gradually as it stays beyond the major 20 and 50-Day EMA bands, presenting bullish strength on the daily chart.
Technical indicators for the Aelf crypto are proclaiming more bullish momentum as MACD displays a bullish crossover with an extending histogram width on the upside. The MACD line is at 0.0175, the signal line is at 0.0154, and the histogram is at 0.00208.
The RSI is expanding as it took backing on 14-SMA, portraying that the ELF asset is not failing its potency yet and can continue climbing higher in the approaching sessions. The RSI line is at 62, and the 14-SMA smoothened line is at 60.
Conversely, if the Aelf token price fails to remain above the $0.489885 level, it could plunge further.
Summary
The Aelf price action emphasizes a bullish outlook at the time of publishing, as it lately tried to ascend north from a pivotal level and struggled at a resistance level to cross above and deliver a rally upward. Moreover, the technical tools suggest that Aelf price action could continue making higher highs over the daily time frame chart.
Technical Levels
Support Levels: $0.489885
Resistance Levels: $0.68490
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
