The attack on the FilDA platform caused a considerable decrease on the total value locked on Elastos Smart Chain. The incident not only resulted in the loss of a considerable amount of money, but also had a severe impact on Elastos (ELA) price. The value of ELA decreased 13.1%, to $1.25 after the attack, while two major decentralized exchanges Glide Finance and Elk’s suffer a 13.8% and 14.5% drop in their locked value. Subsequently, FilDA managed to recover 160,000 ELA and 21,000 DAI from the hacker, and offered a bounty as an incentive to return the remainings while involving law enforcement.
Elastos (ELA) price has been trading in a symmetrical triangle pattern since the start of the year and it currently stands close to its support line. Whether the price breaks down or bounces will determine the future direction of the trend. If the ELA price breaks down, a continued decrease to the $0.81 support area is to be expected. On the other hand, if it breaks out of the pattern, the price could increase up to the $2.68 level which is a Fibonacci resistance, and the length of the triangle projected to the breakout point.
Parker Kelly
- 2023-04-25
Elastos (ELA) After the FilDA Attack: Analyzing the Symmetrical Triangle Pattern
After the attack of the hacker on FilDA platform caused the ELASTOS (ELA) price to drop 13.1%, we analyze the current Symmetrical Triangle pattern of the ELA price and how it could go in the future depending on the break up or break down of the pattern.
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