Bearish Flag On $ILV/USDT As Major Sell-Off Causes Price Drop

A bearish flag pattern has emerged on the $ILV/USDT 4-hour chart, signaling potential downward pressure.

On-chain data reveals that the wallet luggis.eth recently withdrew 70,764 $ILV (worth approximately $2.86 million) from Illuvium. Shortly after, 40,000 $ILV ($1.54 million) were sold just 45 minutes ago, triggering a sharp 7.8% drop in the token’s price.

luggis.eth withdrew 70,764 $ILV($2.86M) from #Illuvium and dumped 40,000 $ILV($1.54M) 45 mins ago, causing the price of $ILV to drop by ~7.8%.

luggis.eth still holds 221,046 $ILV($8.25M).https://t.co/HcnYOc5xcl pic.twitter.com/MH7Khygb2J

— Lookonchain (@lookonchain) September 23, 2024

This isn’t the first time luggis.eth has influenced the market with a large sell-off. On June 22, a similar sale of 40,730 $ILV ($2.91 million) caused the token’s price to plummet by 5.6% instantly. These repeated sell-offs have left a noticeable mark on $ILV’s price trajectory, contributing to increased volatility in the market.

1 小时前，@luggisdoteth 在链上出售 4 万 $ILV 换成 562.8 ETH ($1.5M)，致使 ILV 价格瞬间下跌 7.7% ($40.3→$37.2)。

他每次出售 ILV 的时候都会造成 ILV 的价格小崩盘：上次在 6/22 出售 40,730 ILV ($2.91M) 也使 ILV 价格瞬间下跌了 5.6%。
他目前还持有 22.1 万枚的 ILV ($8.31M)。… https://t.co/Yu5LiW2xhy pic.twitter.com/oMRnpH3T4w

— 余烬 (@EmberCN) September 23, 2024

Despite the recent sale, luggis.eth still holds a significant amount of $ILV—221,046 tokens, valued at approximately $8.25 million. The market is now closely watching this whale’s movements, as each sale seems to drive a substantial price drop, creating anxiety among traders and investors.

With $ILV currently facing bearish technical patterns and the possibility of further sell pressure from large holders like luggis.eth, the outlook for the token remains uncertain. Investors may want to keep a close eye on both the on-chain activity and technical indicators for signs of further market shifts in the short term.

The potential for more selling from this whale, combined with the bearish flag formation, is raising concerns about further downward pressure on the price of $ILV.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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