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- 1 ILV price is giving a bullish price action of a double-bottom pattern
- 2 ILV price might give a bullish rally of 30%.
Illuvium(IVM) current price is $74.68. The overall market sentiments are currently trading at neutral levels according to the greed and fear index provided by the alternative(dot)me. According to Coin Glass buyers are currently dominating the market by 53.60% while the price action is suggesting that this percentage might increase in the upcoming days.
The ILV price is currently taking support from its main support level while the price is also giving a bullish candlestick hammer. If the green candle stick completes around the red candlestick, it will also be making a rising star pattern while overall the candle sticks are giving a double bottom pattern. Hence it can be estimated that according to the price action, ILV price is making a few signals of the trend reversal.
The ILV price is currently taking support from the 50 EMA while trading above the 100 EMA although it might face severe resistance from the 200 EMA which is 44% above the current price. And the price is also making a bullish candlestick pattern. The difference between current price and the next resistance makes for a good target for intraday and swing traders.
The ILV price is currently taking support from the level of $70.53 while its next support level is around $66.40. Its current resistance is 20% above present price around $90.00 while its next resistance is 40% above the current price around $100.0
The RSI line is trading near the median line around 48.70 point below its 14 SMA which is trading near 53.35 point. The RSI line is trading in a down trend. If the RSI line takes support at the median and starts moving with the price action, the strength of the action will be confirmed.
Conclusion
ILV price after a small correction is making a bullish candlestick pattern. According to the price action, Illuvium is making a hammer and double bottom while the price is taking support from 50 EMA which is trading above the 100 EMA. Its next major resistance is near 200 EMA 40% above current price.
Technical levels –
Support – $70.53 and $66.40.
Resistance – $90.00 and $100.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
