Most digital assets are extending their price rebound from recent lows. aelf (ELF) is marking the second day in the green since rebounding from lows of $0.66 on Sept 14. aelf is a decentralized cloud computing blockchain platform and was trading at $0.73, up 4.99% at the time of post. In line with its developing progress, the aelf team announced the launch of its mainnet token swap on September 9, 2021. The event that will last for three months will enable users to replace their ERC20 ELF tokens with mainnet ELF tokens at the rate of 1:1. aelf team is also docking with the top-tier exchanges to facilitate a smooth mainnet token swap with Huobi, gate_io, Upbit exchange indicating support. Adding robustness to the token swap event, The aelf team has embarked on an airdrop, set to give nearly 27 million ELF worth a whopping $12,000,000 in airdrops within the first 15 days of the event.
Resistance Levels: $1.1000, $1.000, $0.9000
Support Levels: $0.6741, $0.5481, $0.4000
ELF/USD Daily Chart: Bullish
ELF/USD Daily Chart
ELF is building a bull flag chart pattern on the daily chart. The break of the flag could indicate a bullish push up towards the $2 level and ultimately the $2.77 all-time highs. The positive crossing of the daily moving averages and the current bull flag chart pattern suggests a broader bullish outlook. That said, aelf needs to breach above the resistance trend line with current highs at $1.04 (marking the yearly peak so far) to confirm the break of the flag.
A breakout above the said high, followed by a pullback and continuation pattern would help pursue towards the target aiming at the $2-$3 range. On the contrary, a retracement is likely to find buyers at the $0.66 or $0.61 levels. A break beneath the support trend line at around $0.48 level most likely invalidates the bullish outlook.
ELF/USD 4-Hour Chart: Ranging
ELF/USD 4-Hour Chart
The ELF/USD pair is consolidating under a fresh recovery high near $0.80. The RSI attests to the sideways movement while attempting to break above the 50 neutral thresholds. On the upside, resistance may originate from the overlaying 4-hour MA 50 above at $0.792. Climbing higher, the bulls may encounter the $0.87 border before the yearly highs of $1.04. Surpassing these obstacles, the pair may jump to revisit the $2 psychological level and the $2.77 all-time highs dating back to January 2018.
On the downside, immediate support may occur from the $0.68 ahead of a key trough area at $0.63. A dive past these levels may then be challenged by the MA 200 currently at $0.51, and the $0.41 level. To summarize, aelf relays a neutral-to-bullish bias above the $0.74 level. while The positive picture may consolidate briefly, a close above $0.81 would cement the resumption.
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