Background & News

Aelf (ELF) is a project that aims to offer a decentralized cloud computing network via establishing an own blockchain. Main features include nodes running on cloud servers, child chains where each smart contract runs on its own blockchain and decentralized governance. Aelf also aims to be an operating system for blockchains, while Ethereum established an ecosystem for dApps, this project aims to complete it with solving the scalability problems, lack of a consensus protocol to incorporate new technologies and immutable smart contracts.

The team behind the project is very promising, members include the Ex-CTO of GemPay, MIT graduates, former R&D Director for Dolphin browser, etc. Lead investors in the project included almost all major crypto venture funds including FBG Capital, Alpha Bit, Node Capital, BlockTower, Draper Dragon, Signum Capital and a lot more.

Aelf will be ready to launch between August 2018 and January 2019 with features like voting mechanisms and cross chain interoperability being implemented on the way. The roadmap can be found here.

The project is also featured on the biggest exchanges: Bitfinex, Binance, BitHumb, OKEx, Huobi.pro, CEX.com, HitBTC, Bibox, BigOne, KucCoin.

Chart

Since being first added on Binance, soon after its inception, ELF has been moving in the above outlined channel. The whole chart also paints a fractal in the outlined channel, which show us two consecutive tops back in January during the bull run, but also two similar ones in May. The fact that the second repetition got to higher peaks shows that this has been a strong market considering most coins didn’t achieve a new ATH in the mini alt-season around April-May.

The fall after the tops has also looked very similar, while both times a bounce happens after the initial bottom, with the second one being bigger here as well. Considering the main net is set to launch somewhere in autumn/winter, our fractal could play out once more before a shift to new patterns on the daily chart.

The only problem we see with the charts is the lack of volume, but that can pick-up later as we might still be 1-2 months away from the news hitting. In case of an entry, stops should be adjusted to the bottom trendline.