The native token of the Elastos ecosystem, ELA, has emerged as the top gainer among the top 500 cryptocurrencies while a key indicator suggests downward momentum.
ELA is up 35% in the past 24 hours and is trading at $4.24 at the time of writing. The asset’s market cap rose to $91 million, making it the 384th-largest crypto asset. While daily trading volume of Elastos also recorded a 50% rally, reaching $2.57 million.
Data shows that over 64% of the spot ELA trading volume comes from Coinbase with the US dollar trading pair.
According to data provided by the market intelligence platform Santiment, Elastos could face notable selling pressure as the asset has been recording consecutive declines since reaching a local top of $4.6 on Jan. 2.
Per Santiment, the Relative Strength Index (RSI) of the ELA token currently stands at 74.7. The RSI indicator suggests the possibility of a further price drop as the asset’s bullish momentum might have been triggered by big players.
With the recent spike, Elastos registered a 425% price rally over the past year after falling to an all-time low of $0.79 on Jan. 3, 2023. The price hike started in mid-December 2023 after the blockchain developer announced a layer-2 network for Bitcoin (BTC) — calling it “Bitcoin Elastos Layer2” or “BeL2” for short.
Despite the recent price rally, ELA is still down by 95% from its all-time high of $93.9, which it hit on Feb. 24, 2018.
