Cryptocurrency on the rise in anticipation of an upcoming event scheduled for August 16th.
In the world of cryptocurrency, Illuvium (ILV) has been making waves lately, with a notable increase in consumption indicating that long-term investors may be starting to sell. However, if demand holds steady, the next price target for ILV could reach $27.01, with potential for advancement to $30.
The current momentum of ILV is closely tied to the anticipated launch of the Illuvium Pro League 2025, an event expected to generate visibility and engagement on platforms like Twitch, YouTube, and X. This high-level competition within the Illuvium Arena game is a 64-player tournament, with the IPL 500 tournament offering a prize pool of $5,000, mostly distributed in ILV tokens.
For the more ambitious players, there's the IPL 1000 tournament, an invitation-only event with a prize pool of $20,000. Monthly tournaments will offer prizes totaling up to $250,000, with the December Main Event awarding an additional $150,000. Qualification paths include the open IPL 250 tournament, a 32-player competition with a total prize pool of $2,000, as well as the Last Call and Last Chance in December.
For investors, the current moment requires caution, analysis, and constant monitoring of indicators. The Relative Strength Index (RSI) for ILV is currently above 70, indicating an overbought zone. This means that the price may be due for a correction. If selling pressure gains strength, a pullback is possible, taking the value down to $19.56. However, if not, a technical correction could bring the price of ILV back to levels before the rally.
More experienced traders will be watching for signs of bearish divergence, decreasing volume, and potential moving average crossovers that confirm a change in trend. The behavior of the next few days will be key to determining whether the rally consolidates or if we are facing an imminent correction.
If interest in the league is maintained and translates into greater game adoption, ILV could consolidate its gains. The Illuvium Pro League 2025 is an anticipated event that could continue to attract new participants and investors. With the IPL running from August to December 2022, the wait is almost over for the exciting competition ahead.
