Divergence and potential next move for Illuvium. Downward wedge potential break out could happen, could it happen in the next coming few weeks or do we need to wait until it retraces back down?
In the Metaverse startup bubble, we are witnessing the fall of several assets.
Here I will analyze Illuvium.
The project may be well-reasoned and so on, but the price doesn't lie.
We have a book setup here.
Bullish waves from 1 to 5.
Then we have the formation of a shoulder-head-shoulder figure.
If we project the head height to the reverse (down) side, we have...
Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
Chart is on the 4h timeframe cause the coin is still relatively new.
This chart is starting off crazy.
The project seems to be a hit, even though the game is not live yet.
Keep an eye on this one, as Illuvium (ILV) is a blockchain game competing with the smash hit Axie Infinity (AXS).
Target is $4400 after 365 days (970% gain)