I am also of the opinion that it will recover.

Other coins have also suffered hacks in the past and gone on to recover very successfully.

I know that the famous Ethereum hack was very different from what has happened here but it has a similar impact on investor confidence.

Some people might be worried about the developers motivation to continue considering they now only have around 8000 ELITE but I think this will motivate them even more to succeed and make their coin valuable.