What is ELF crypto & why is it skyrocketing? Know its price prediction

December 07, 2021 06:33 PM AEDT | By Raza Naqvi

What is ELF crypto & why is it skyrocketing? Know its price prediction — Image source: © Jirsak | Megapixl.com

What is ELF cryptocurrency and why is it rising?

The ELF cryptocurrency is the native token of aelf, which is a decentralized blockchain network. Notably, aelf is supported by the cloud infrastructure and it is among one of the most secure and advanced networks.

aelf looks promising as its mainnet comprises independent nodes, which help achieve unlimited scalability and efficient performance. The ELF crypto could be gaining momentum as aelf recently announced the elected projects through the public node elections.

ELF crypto price prediction

FBG Capital, a digital asset management company and aelfie have been elected as production nodes and they will work to block validation and production work on aelf's mainnet.

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In addition, aelf is exploring the Metaverse and will organize an event for it, which is known as 'Top of OASIS Hackathon; scheduled in Mid-December. The event will allow participants to build Metaverse projects on its platform.

The ELF cryptocurrency has a total supply of around 880 million tokens, and it was launched in 2017 on Chinese exchanges without an initial coin offering (ICO).

Bottom line

In the last seven days, the ELF crypto declined 5.3 per cent, however, it seems to have gained momentum and its volume is rising.

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At the time of writing, the price of ELF crypto was above the resistance level of US$ 0.42 and its support is set around US$ 0.35 per token. It seems to be in a volatile position if the current rally burns out.

If the present momentum continues, the price could go up and if it doesn’t, the ELF crypto could decline rapidly.

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