Aelf Rejecting The Support

On the 8th of March, ELF/USD broke below the support at $0.85 and went down to $0.4, where it rejected the 227.2% Fibonacci retracement applied to the corrective wave after the support breakout. The support was rejected cleanly and while RSI has formed a bullish divergence, the price went up breaking the descending channel.

Current price action suggests potential trend reversal or at the very least the corrective wave up. The first upside target is seen at $1.27, which is the previous level of support and then resistance. However, break and close below the $0.4 support could invalidate bullish outlook and could extend the consolidation or even send Aelf coin much lower.

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