In the weeks following the Coinbase listing, the Illuvium price witnessed fresh attention, but on-chain data indicate a rough ride for ILV investors.
ILV is an open-world fantasy war game built on the Ethereum (ETH) blockchain that serves as the utility and governance token. At the time of publication, the Illuvium price had increased by 10%, igniting bullishness among ILV investors, but are these gains sustainable? Let us investigate!
Retail Interest in Illuvium is Growing
Along with the 10% daily increases, the ILV price saw a significant increase in 24-hour transaction volumes. According to CoinMarketCap statistics, Illuvium daily transaction volumes were about $15.14 million, representing a 112.54% increase over the previous day.
After bitcoin exchange, the price of illuvium skyrocketed. On October 13, Coinbase listed the ILV cryptocurrency. Coinbase customers could now trade ILV on the Ethereum network (ERC-20 token).
Following the IPO, the ILV price surged, but immediately fell in unison with the broader crypto market due to one of the worst-forecasted disclosures of new US inflation statistics. With bullishness restored, the Illuvium price is challenging the long-term $60 barrier.
Roadblocks Ahead for ILV
At press time, the illuvium price was trading at $60.87. If the $60 resistance is overcome with sufficient retail support, the next important resistance level would be at $79.
The daily RSI for ILV price also showed a substantial increase in buyers. It remains to be seen if buyers can expand further.
Despite the increase in Illuvium pricing and transaction volumes, ILV found no significant increase in network growth or daily active addresses, suggesting that the price increase was primarily driven by retail.
Furthermore, a significant increase in the Age Consumed measure for ILV might indicate that older coins were moving as the price increased. There was also a significant increase in ILV exchange inflows, which might indicate that some ILV holders are planning to sell near the $60 price level.
Despite the fact that data showed that ILV holders witnessed decent increase. It is worth mentioning that the top ten ILV holders own 95.92% of the ILV supply, according to CoinMarketCap statistics.
The apparent gain in ILV prices might be attributed to the bullishness of the bigger market. However, in the short run, if the price of illuvium rises beyond $60, ILV may make some progress in the right direction.
In the event of a price decline, ILV may revisit the lower $55 support level.
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