$ELF is currently in a bullish market structure, trading at 0.2272 USDT.

The RSI at 72.13 indicates potential overbought conditions, suggesting a temporary pullback is possible.

A breakout strategy could be viable if it surpasses the resistance at 0.2374 USDT.

However, traders should remain cautious of Bitcoin’s volatility and broader macroeconomic events that could impact market sentiment.

Support at 0.203 USDT provides a safety net for position management.