Illuvium (ILV) has seen a significant price increase of 60% over the past 24 hours, with the token currently trading at $24.41. This sharp rise in value has occurred ahead of the highly anticipated Illuvium Pro League 2025, which is scheduled to start on August 16. The event has drawn considerable attention from investors, leading to increased demand for the altcoin. However, this surge in buying activity has also resulted in substantial selling pressure as traders take profits.

The Relative Strength Index (RSI) for ILV is currently above 70.0, indicating that the token is in the overbought territory. This technical indicator suggests that a potential price reversal may be approaching. Historically, when the RSI reaches or exceeds this level, ILV has often experienced short-term pullbacks. The current overbought condition reflects the rapid price movement and could signal an upcoming correction.

As the initial excitement surrounding the Illuvium Pro League begins to subside, the overbought status of ILV may lead to increased selling activity. The elevated RSI suggests that the asset could face a correction, particularly given the quick pace of the recent price increase. This scenario could encourage some investors to sell their holdings, potentially causing a decline in the short term.

Another key metric to consider is the age consumed metric, which measures the behavior of Long-Term Holders (LTHs). Recent data shows that this metric has spiked significantly, marking the highest increase observed in the last three months. A rising age consumed metric typically indicates that LTHs are offloading their positions, taking advantage of the recent price surge.

Given the large stake that LTHs hold in ILV, their selling activity can exert downward pressure on the token’s price. This dynamic is an important factor to monitor, as it could influence the future direction of ILV’s value.

The price of ILV has risen by nearly 60% within the last 24 hours, reaching $24.41. The token has surpassed the $24.19 resistance level and is now facing a key psychological barrier at $27.01. This level is considered a critical point for further upward movement.

Reaching a six-month high, ILV may struggle to sustain its upward trend due to the factors outlined above. If the market sentiment shifts or selling pressure intensifies, the token could experience a retracement, potentially falling back to $19.56. This would negate the recent bullish momentum and result in a loss of gains for many investors.

For those interested in tracking the technical analysis and market developments of ILV and other tokens, additional insights and updates are available through Editor Harsh Notariya’s Daily Crypto Newsletter. Subscribers can gain access to in-depth analysis and market trends.

On the other hand, if the altcoin continues to attract unexpected demand, it may break through the $27.01 resistance level and move toward the next target at $30.00. This scenario would indicate a stronger bullish outlook, allowing the token to consolidate its recent gains and potentially set the stage for further growth.

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