ILV Technical Analysis: Triangle Breakout Challenges 50-day EMA

Key technical points:

Past Performance of ILV

ILV coin price shows descending triangle breakout with the demand surge met near the $475 horizontal level. The rally surpasses the short-term resistance trendline and retests the breakout with the morning star pattern. However, the retest rally struggles to overcome the selling pressure met near the 50-day EMA. 

Source-Tradingview

ILV Technical Analysis 

ILV coin price shows higher price rejection near the $600 psychological barrier projecting a potential reversal. Hence, the possibility of a second retest to the broken trendline increases significantly. 

Illuvium token struggles to outperform the 50-day EMA despite the 20% remarkable comeback last fortnight. Moreover, the 100 and 200-day EMAs continue to descend in a bearish alignment.

RSI Indicator: The RSI slope shows a recovery rally surpassing the 50% mark after the bullish divergence breakout in the nearly overbought zone. Hence, the indicator reflects a boom in buying pressure.

MACD Indicator: The MACD and signal lines surpass the zero mark in a bullish alignment after sabotaging multiple bearish crossovers. Hence, the indicator projects the possibility of the 50-day EMA breakout.

In short, the ILV technical analysis projects a high possibility of the retest rally surpassing the $600 mark.

Upcoming Trend 

ILV coin price shows a potential rally of 20% upon the psychological barrier breakout at the $600 mark. However, the uptrend will need a jump in trading volume for the essential bullish commitment to overpower the selling pressure at the 50-day EMA.

Support Levels: $550 and $500

Resistance Levels: $680 and $735