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Elastos Price Prediction: Why Is ELA Up 103% This Week?

Elastos (ELA) price is making waves in the global crypto circles this week. It was a dormant altcoin which was presumed dead by the most crypto analysts. However, against everyone’s expectations, ELA crypto has suddenly exploded and caught everyone’s attention.

Since the start of this week, ELA has pumped more than 103% as bulls are constantly gaining momentum. It’s price has broken above a major weekly resistance level. A weekly closure above this level may lead to a huge upside. However, before discussing this level, let’s have a look at the price history of the digital asset.

According to Coingecko, Elastos price history goes back till 2018, when the coin was first listed on the global exchanges. It hit an all-time high of $89 in February 2018 and entered then had a 98% correction. In 2021, the price rebounded but failed to break above $13. Since then the price has been in a tailspin and currently stands at $2.43.

The following chart shows the massive weekly candle on ELA/USD chart, which formed due to a strong surge in the last two days. You can see that the price has broken above its 2.26 resistance, which was a previous support level. Bulls need to hold this level to make Elastos price prediction bullish.

Elastos price chart