YEREVAN (CoinChapter.com) — Illuvium (ILV), a blockchain-based game studio token, rallied 30% on Nov. 9 to reach $85.9 in the European session, triggered by an announcement from the Epic Games Store on Nov. 8. But before we get to the news behind the hype, let’s take a look at Illuvium’s price action.
Illuvium (ILV) Price Gains Over 120% in Three Weeks
The gaming token bulls were caught in the market recovery euphoria, and pushed ILV over 120% higher in the previous three weeks, according to the chart below. As a result, ILV price shot above its 20, 50, 100, and 200-day exponential moving averages, and reached an eight-month high.
However, the chart above also hinted at a looming reversal, as the coin’s relative strength index (RSI; purple graph) signaled a profitable market exit point by charting above the ’70’ line since Nov 1. If a reversal follows, a likely target stands at a previous resistance of $73.
Withdrawals Ahead for Illuvium?
Moreover, the ILV influx onto exchanges on Nov. 8 and 9 signifies that investors might be interested in withdrawals.
According to on-chain data tracker Santiment, Illuvium coins inflow to exchanges spiked higher than the late October-November 2022 tops, when the coin lost over 50% of its valuation. Thus, the current spike could also mean traders are preparing to unload their ILV.
Moreover, while smaller ILV account numbers grew in the previous months, the whales, accounts holding over 1 million coins, dumped their stash, backing the bearish scenario.
Meanwhile, the reason behind the latest surge is noteworthy.
Illuvium Will Get Listed on Epic Games Store
Video game digital distribution service Epic Games Store will list Illuvium on Nov. 28, making the game accessible to its over 230 million users.
The press release also read that the blockchain game’s debut on the Epic Games Store will require a month of work to meet the store’s standards.
Kieran Warwick, Illuvium’s co-founder, and the co-founder of The Sandbox, discussed the game’s evolution to cater to a mainstream audience and comply with the platform’s legal requirements. The executive also commented that building separate game modes and genres will attract a wider audience of gamers.
The result of these efforts has not only earned Illuvium a place on a leading gaming platform but has also evolved our product. By launching three different games in three different genres, we have significantly increased our addressable market. The only issue is it has taken much longer to get to this point.
he said.
