$ELF is consolidating for a potential reversal, it means the price is stabilizing after a period of movement, which could lead to a trend change. Consolidation typically occurs when traders and investors are uncertain, leading to a narrow trading range. This phase can precede a breakout.
In the case of a reversal, if $ELF successfully holds its support levels and the broader crypto market improves, particularly with Bitcoin or major altcoins showing strength, it may signal a bullish reversal.
