ILV Technical Analysis: Triangle Breakout Challenges 50-day EMA

ILV coin price action breaks above the $550 level, and the short-term resistance trendline projects a potential bullish rally. Key technical points: ILV coin price approaches the $600 mark. In addition, the RSI slope sustains the nearly overbought zone. Finally, the 24-hour trading volume of Illuvium is $24 Million, marking a 20% fall. 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, t...