KEY TAKEAWAYS
The final corrective wave is completed, indicating a potential reversal.
RSI oversold on higher time frames, signaling buying interest.
Breakout above $24.35 could confirm bullish continuation.
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Illuvium (ILV) has been in a prolonged downtrend, but recent price action suggests a potential reversal may be forming.
The daily chart highlights the completion of a complex correction, while the 1-hour chart suggests an emerging bullish impulse.
A breakout from key resistance zones could confirm a trend shift in the coming days.
ILV Price Analysis
ILV has been in a multi-month decline, forming a descending wedge structure.
The Elliott Wave count suggests that a W-X-Y correction is in its final stages, with the last leg (wave Y) approaching exhaustion near $12.88.
This price zone is at an all-time low, with signs of the momentum slowing down.
The Relative Strength Index (RSI) remains deeply oversold, reflecting strong selling exhaustion, possibly leading to a relief rally. Historically, such conditions have preceded strong rebounds in ILV.
A key resistance zone is located at $38.42, where previous corrective waves have failed to sustain upward momentum.
The descending trendline also intersects near this level, making it a critical breakout point. If ILV can reclaim $24.35, it could signal the beginning of a larger reversal wave, targeting $38.42 and potentially $72.12.
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If the price fails to hold current levels and breaks below $12.88, the bearish scenario remains intact, and a deeper decline toward $8.00-$10.00 could follow.
ILV Price Prediction
The 1-hour chart indicates that ILV may have completed its five-wave decline, with wave (v) of the final corrective structure nearing exhaustion.
The price has shown initial signs of bottoming, with bullish divergence appearing on RSI.
A short-term impulse could follow with wave (i) breaking structure and wave (ii) forming a corrective retracement.
If ILV sustains above $14.00, it may confirm the beginning of a new impulsive move. A successful breakout above $16.00 would add further confirmation.
The first major target for a bullish move is $24.35, which aligns with prior structure as a horizontal resistance point.
A pullback from this region would be expected before continuation toward $38.42.
In the bearish case, failure to hold above $12.88 could result in an extended corrective phase, delaying a bullish reversal. The RSI needs to remain above 40 to support upward momentum, as a drop below could indicate weakness.
If wave (iii) extends properly, targets for wave (v) could reach the $38.00-$40.00 range in the medium term, confirming a reversal structure.
ILV is showing signs of a potential recovery, with key breakout points to watch. A successful impulse structure could lead to a trend reversal, while failure to hold key supports may delay upside progress.
