Illuvium is down 50 percent from 2022 highs, finding immediate support at April 11 lows. A close below this mark may see ILV slide to $480.
Past Performance of Illuvium
The Illuvium token remains under pressure at spot rates, under-performing the USDT. In the previous trading week, ILV is down 10 percent and continues to slide, aligning with steep losses of early this week. Overall, sellers have the upper hand as per the Illuvium candlestick formation in the daily chart.
ILV Technical Analysis
The coin is within a bear breakout formation below the middle BB reading from the performance in the daily chart. Although buyers are optimistic, sellers have their best foot forward, unwinding gains of 2021. In the daily chart, ILV is down 50 percent from 2022 highs. Since Illuvium buyers didn’t close above February highs of around $735, confirming gains of early March 2022, sellers have the upper hand. Thus far, ILV prices are capped within the April 11 bear candlestick, swinging price action to favor sellers in the short term. A close below $520 may trigger a sell-off forcing Illuvium to 2022 lows of around $480. Conversely, a high volume expansion swinging prices above $585 may be the basis for another leg up to March 2022 highs of $680.
What to Expect from Illuvium?
Technically, sellers have the upper hand. A close below this week’s lows at $520 will place more liquidation pressure on ILV, possibly forcing it back to Q1 2022 lows.