ILV: Repeated Patterns - 250$ Target
ILV (Illuvium) is an open-world RPG game built on the Ethereum blockchain. The game allows players to capture and battle creatures called Illuvials, which can then be traded or used in battles.
ILV has been exhibiting a repeating pattern on the chart, which could be a sign of a potential breakout.
The pattern:
Descending channel: ILV has been trading in a descending channel for several months.
Liquidity shelves: The upper trendline of the channel is characterized by a series of liquidity shelves, which are areas of high sell orders.
Breakout: Once ILV breaks out of the descending channel, it often experiences a sharp rise in price.
Why this pattern is bullish:
Failed retests: The repeated failed retests of the upper trendline indicate that there is strong buying pressure at that level.
Stop loss hunting: The liquidity shelves above the channel act as stop loss magnets, which can fuel a breakout once they are taken out.
Psychological resistance: The breakout from the descending channel could also trigger a breakout from psychological resistance at $100.
Potential targets:
If ILV breaks out of the descending channel, the first target could be the previous all-time high of $150. Further upside could see ILV reach $250 or even higher.
Conclusion:
ILV has been exhibiting a repeating pattern on the chart, which could be a sign of a potential breakout. The confluence of technical factors and psychological resistance suggests that a breakout is likely. Investors should always do their own research and exercise caution before investing in any cryptocurrency.
ILV has been exhibiting a repeating pattern on the chart, which could be a sign of a potential breakout.
The pattern:
Descending channel: ILV has been trading in a descending channel for several months.
Liquidity shelves: The upper trendline of the channel is characterized by a series of liquidity shelves, which are areas of high sell orders.
Breakout: Once ILV breaks out of the descending channel, it often experiences a sharp rise in price.
Why this pattern is bullish:
Failed retests: The repeated failed retests of the upper trendline indicate that there is strong buying pressure at that level.
Stop loss hunting: The liquidity shelves above the channel act as stop loss magnets, which can fuel a breakout once they are taken out.
Psychological resistance: The breakout from the descending channel could also trigger a breakout from psychological resistance at $100.
Potential targets:
If ILV breaks out of the descending channel, the first target could be the previous all-time high of $150. Further upside could see ILV reach $250 or even higher.
Conclusion:
ILV has been exhibiting a repeating pattern on the chart, which could be a sign of a potential breakout. The confluence of technical factors and psychological resistance suggests that a breakout is likely. Investors should always do their own research and exercise caution before investing in any cryptocurrency.
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