With improving market conditions, investors have now set their sights on aelf (ELF), an AI crypto which has recently started showing a bullish pattern. The token is slowly making its way towards an uptrend thanks to a “cup-and-handle pattern,” with analysts believing that it may soon make a move towards the $2 mark.
Over the past month, aelf price has surged by 25.5%, which complements the weekly increase of 3.26%. While the token has experienced a slight decline of 2.35% in the last 24 hours, this is viewed as a minor setback before a potential major rally.
What is aelf – An Overview
The official whitepaper describes aelf as a sophisticated layer 1 blockchain relying on modern C# programming and .NET’s extensive libraries, for reliability and scalability. With its multi-layered architecture, this blockchain has gained recognition for its state-of-the-art AI integration and adoption of modular Layer 2 ZK rollup technology.
The blockchain project is known for developing machine learning models for smart contract optimization. The idea is to optimize gas fees by finding gas-expensive patterns, and minimizing or removing their inclusion from the smart contract code. When it comes to enhancing operation execution, aelf has taken a page from Google Cloud AI’s resource optimization services, forecasting transaction allocation while allocating resources in real-time.
The same efficient model has been established for user experience. Aelf leverages NLP models like GPT-4 and OpenAI’s Codex, allowing users to generate smart contracts based on natural languages. Other aspects native to blockchain, like democratization, have also been adopted using artificial intelligence.
aelf Price Analysis – $2 Coming Soon?
The 3-day interval candle chart on TradingView has revealed that, a cup and handle pattern has formed for the aelf price action. The key resistance levels are $0.77 and $0.8025, while the key support is $0.4446, with $0.99 acting as the neckline.
Crossing that threshold would indicate strong community support and a bullish sentiment, making $1.9094 the next key target for aelf to reach—a level it hasn’t surpassed since 2018. Achieving this would bring it closer to challenging its all-time high of $2.44, reached in January 2018.
While the handle has formed due to a decrease in trading volume, a significant selloff capable of breaking below the support level would invalidate the predictions. For now, analysts’ predictions for this crypto remain bullish.
Community Sentiment Around aelf Continues to be Bullish
While the technical aspects suggest a potential rally, the community sentiment around aelf is also positive. According to CoinMarketCap, 86% of followers are bullish on aelf.
A recent update on the top shared posts revealed that DWF Labs has received 4.7 million ELF tokens, equivalent to $2.57 million.
On the development side, aelf is introducing multiple updates, including the v1.12.0 upgrade scheduled for December 25, 2024, at 10 AM GMT.
This new update will reportedly introduce better APYs, better cross-chain indexing, and inject multi-transaction capabilities into the aelf ecosystem.
What Lies in the Future for aelf?
The lowest that the ELF price has ever been is $0.03, according to the weekly charts. Since then, the token has been on an uptrend, albeit with a somewhat jagged pattern, fluctuating around the 200-day SMA.
If the cup and handle pattern holds and the token crosses the $1.9 barrier, it could potentially reach its all-time high by Q2 of 2025. However, if the key support level is lost due to a major selloff in the near future, the pattern will be invalidated, leading to a bearish price action for the ELF token.
However, this seems unlikely since the community sentiment and the updates around this project give us a positive outlook.
Final Thoughts : Is ELF a Good Buy?
The overall sentiment among the crypto community for the ELF token is bullish, with only a slight level of doubt due to concerns about market uncertainty. However, updates are being regularly shared with the community, keeping them informed. With Bitcoin’s recent rise, investors are increasingly turning to utility assets like aelf, especially as the ecosystem continues to grow with multiple decentralized applications such as Project Schrodinger, Portkey, and more.
For a better understanding of the aelf price, we suggest checking out our complete aelf project prediction.
The post aelf Price Analysis – Will ELF Cross the $2 Mark Soon? appeared first on CoinGape.
