ILV Price Broke 200 EMA; What Next?

Illuvium price prediction indicates that the Illuvium crypto may see further depreciation in its value within the next few months. Presently, the Illuvium price is down by 9.18% over the past 7 days and is under bearish pressure.

At present, the bears are in charge of the trend where they are maintaining firm command over the price action, although the bulls attempted to take control. Despite the bullish optimism, the buyers were unable to sustain above the 200 EMA, and bears regained supremacy over the price action on the 1-day chart.

Illuvium CRYPTO is trading under the 200 Days EMA, within the bear’s grasp. The price is facing resistance from the upper levels at present on the daily time frame. The price is facing substantial selling pressure in the supply zone which indicates that bears may further push its value down.

The technical indicators suggest that bears have an edge over the price action. The price pattern, oscillators, EMAs, and volume are moving in tandem, giving similar signals.

At the time of writing, ILV is trading at $90.00 with an intraday loss of 1.82%, signaling bearishness. Moreover, the trading 24-hour volume is 21.878 Million.

Technical Analysis of Illuvium Crypto Price in 1-D Time Frame

At the time of publishing, Illuvium crypto (USD: ILV) was trading above the 50 and 100-day simple moving averages (SMAs), which are supporting the price trend. 

However, if the selling volume adds up, then the price might conquer supporting SMAs by making lower highs and lows. Hence, the ILV price is expected to move downwards giving bearish views over the daily time frame chart.

The current value of RSI is 43.32 points. The 14 SMA is near the median line at 49.40 points which indicates that the Illuvium crypto is bearish.

The MACD line at -1.01 and the signal line at 1.77 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the ILV crypto price.

Summary

Illuvium (USD: ILV) technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the ILV crypto price. Illuvium price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment. The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves and avoid the fear of missing out to minimize losses.

Technical Levels

Support Level: $80.00.

Resistance Level: $100.00.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.