Altcoin Update: ELF Analysis Although ELF is up a little ov | MYC Signals

Altcoin Update: ELF Analysis

Although ELF is up a little over 11.5% since Tuesday, it has been trading in a consolidation phase for the better part of the last 3 days. And that leaves us with a bullish flag pattern. It's barely trading above the 200-MA on the 4-hour chart, but the real measure of a bullish breakout will be a sustained break above its 50-day MA. You should also watch out for a rise in the volume traded during the breakout.

So, for now, we remain bullish on ELF above 0.31. However, a drop below 0.296 could push it back to 2-month lows.

These are our key levels

R1 0.31
R2 0.325
R3 0.338

S1 0.296
S2 0.281
S3 0.268

https://www.tradingview.com/x/hTrZa6IF/