ILV. Illuvium price rallies on renewed retail interest for

Illuvium prices saw renewed interest following the Coinbase listing amid a boom in the larger crypto market, but on-chain metrics present a bumpy ride for ILV holders.

ILV is an open-world fantasy battle game utility and governance token built on the Ethereum (ETH) blockchain. At press time, Illuvium saw a 10% increase in price, which ignited the bullish momentum for ILV holders, but are these gains here to stay? let’s find out!

Retail interest in Illuvium grows

With 10% daily gain, ILV price also registered a massive increase in 24-hour trading volume. According to data from CoinMarketCap, Iluvium daily trading volume was around $15.14 million, up 112.54% from last time.

The price of Illuvium gained considerable traction after cryptocurrency exchange Coinbase listed ILV Crypto on October 13. Coinbase allowed users to trade ILVs on the Ethereum network (ERC-20 tokens).

Following the listing, the price of ILV rose, but declined sharply in tandem with the global crypto market following one of the worst forecasts from new US inflation data. However, with bullish momentum on the table, Iluvium price is struggling with the long-term $60 resistance.

ILV. further obstacles for

Illuvium price was trading at $60.87 at press time, once the $60 resistance along with substantial retail support is cleared, the next major resistance would be at the $79 mark.

Illuvium Price 1-Day Chart |  Source: TradingView
ILV/USDT 1-Day Chart | Source: TradingView

The daily RSI for ILV price also presented a healthy increase in buyers. It remains to be seen whether buyers can continue to grow.

Despite the increase in the price and trading volume of Illuvium, ILV did not see any significant increase in network growth and daily active addresses, which could mean that the price increase was largely retail-backed.

Illuvium ILV Daily Active Address, Network Growth |  sanbase
Source: SanBase

In addition, a sudden increase in the age consumption metric for ILV could mean that older coins were advancing in value as they appreciated. There was also a significant increase in ILV exchange flows which may point some ILV holders to sell at the $60 price level.

Illuvium ILV Price
Source: SanBase

Even though data from GenXAnalytics presented that ILV holders saw decent growth. According to data from CoinMarketCap, it is worth noting that the top 10 ILV holders account for 95.92% of the ILV supply.

It appears that the increase in ILV prices could be due to a larger market rally. However, in the near term, if Illuvium price establishes above the $60 mark, ILV may take some positive steps.

In case of a bearish price move, ILV price may revisit the lower support level of $55.

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