Illuvium (ILV) has experienced a sharp price rise of 60% in the last 24 hours and is currently trading at $24.41.
The price surge comes before Irbium Pro League 2025, which is scheduled to begin on August 16th. Investors flocked to altcoins accordingly, but bullish spikes also caused significant sales.
Irbium may be considering decline
ILV’s relative strength index (RSI) is currently above 70.0, and it has over-acquired tokens. This suggests that a price reversal could be imminent. Historically, when RSI approaches or crosses this threshold, pullbacks have been seen, albeit short-term, ILV prices.
As excitement around the Illuvium Pro League cools down, the acquired state can lead to sales pressure. The rise in RSI indicates that assets may be revised, especially given the rapid rise in prices. This can cause investors to cash out and cause short-term declines.
Irbium age consumed metrics tracking long-term holders (LTH) behavior, and has recently spiked, showing the biggest increase in the last three months. Elderly metrics are taking signals that LTHS is taking advantage of the price spike to sell their holdings.
Given that LTHS has a significant impact on ILV prices due to its large holdings, their sales activities could put downward pressure on Altcoin.
ILV Price Sky Rocket
ILV prices have risen nearly 60% in the last 24 hours and are currently trading at $24.41. Altcoin surpasses $24.19 in resistance and faces a $27.01 barrier.
ILV, which marks a height of six months, may not continue to move upward trends, taking into account the above factors. Altcoin could return to $19.56, nullifying bullish papers and wiping out recent profits.
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Meanwhile, if Altcoin points out an astonishing request, it could go above $27.01 and head towards $30.00. This will invalidate bullish papers and allow Altcoin to secure recent profits.
Disclaimer
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