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Elastos (ELA) Surges 35% in 24 Hours Amid Growing Concerns of Downward Momentum
In a surprising turn of events, Elastos (ELA), the native token of the Elastos ecosystem, has secured its position as the top gainer among the top 500 cryptocurrencies. Over the past 24 hours, ELA experienced an impressive 35% surge, reaching a current trading price of $4.24. The asset’s market cap has concurrently risen to $91 million, solidifying its standing as the 384th-largest cryptocurrency. This surge has also propelled the daily trading volume to a remarkable 50% rally, now standing at $2.57 million.
Warning Signs: Downward Momentum Looms
Despite the recent positive trends, cautionary signals are emerging. Market intelligence platform Santiment reveals data indicating that Elastos may face significant selling pressure. Following a local top of $4.6 on January 2, ELA has been witnessing consecutive declines, prompting concerns among investors.
Santiment’s Relative Strength Index (RSI) for the ELA token currently stands at 74.7, suggesting the potential for a further price drop. Analysts speculate that the recent bullish momentum might be attributed to influential market players, adding an element of unpredictability to Elastos’ near-term future.
Impressive Year-Long Rally: A Look Back at ELA’s Journey
Despite the current uncertainties, Elastos has been on an impressive journey over the past year. After hitting an all-time low of $0.79 on January 3, 2023, the cryptocurrency witnessed a staggering 425% price rally. This upswing gained momentum in mid-December 2023, following the announcement of a layer-2 network for Bitcoin (BTC) by Elastos’ blockchain developer. The network is dubbed “Bitcoin Elastos Layer2” or “BeL2” for short.
Long Road to Recovery: ELA Still Down by 95% from All-Time High
While the recent price rally is noteworthy, ELA is still on the path to recovery, down by a substantial 95% from its all-time high of $93.9 on February 24, 2018. This indicates that despite recent successes, Elastos has a considerable journey ahead to reclaim its previous peak.
Investors and enthusiasts are advised to tread cautiously as the market dynamics continue to unfold. The cryptocurrency community eagerly awaits further developments and announcements that could sway ELA’s trajectory in the coming days. As volatility remains a constant companion in the crypto space, informed decision-making becomes paramount for traders and investors alike.
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