<

Illuvium (ILV) Price Surges Significantly – What’s the Next Target?

The price of Illuvium (ILV) is breaking above the long-term resistance zone and showing decisive bullish signals. Will the uptrend continue in the near future?

Long-Term Resistance Zone

During the week of February 5-11, 2024, the price of Illuvium (ILV) bounced from the 0.5-0.618 Fibonacci retracement support ($70-$80) of the previous rally (green arrow) and formed a bullish engulfing candle.

This indicates that the pullback from the long-term resistance zone at $120 was merely a correction within the overall uptrend.

Indeed, the price has been rapidly rising since then and is currently in the process of breaking above the $120 resistance zone.

The weekly RSI (Relative Strength Index) has risen from the 50 level and is entering the overbought zone, indicating that the bulls are in control of the market.

If the breakout is successful, the ILV price could rise by 117.59% to the next long-term resistance zone at $315.

ILV/USDT weekly chart. Source: TradingView

Short-Term Prospects

The daily chart shows that the price broke above the $120 resistance zone yesterday. The breakout occurred after the price consolidated within this resistance zone for 10 days, signaling that the bulls have taken control.

The daily RSI supports further upward movement as it enters the overbought zone, but it has not yet formed any bearish divergence.

Therefore, the ILV price could rise to the nearest horizontal resistance zone at $183 in the coming days. This also supports the breakout above the $120 zone on the weekly timeframe.

ILV/USDT daily chart. Source: TradingView

Conclusion

The most likely prospect suggests that the ILV price will continue to rise in the near future. The nearest target is $183, with a higher target at $315.

The bullish outlook may be invalidated if the ILV price closes a weekly candle below the $120 zone.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like