Illuvium (ILV) has been making headlines as one of the leading altcoins in the current surge in cryptocurrency prices. Over the last 30 days, ILV has seen a staggering 126% increase in value, according to CoinMarketCap data. This surge has sparked significant interest in ILV and its potential for further growth.
As the native token of the Illuvium ecosystem, ILV is an integral part of the fantasy battle game operating on the Ethereum (ETH) blockchain. Despite being listed on Binance, the exchange previously only offered spot buying for the cryptocurrency. However, Binance has now listed ILV on the futures market, allowing traders to long or short the token based on their sentiment.
Shortly after the listing, an ILV holder deposited the token worth $916,000 into the exchange, sparking speculation about the investor’s intentions to long ILV. Additionally, ILV has continued to defy market expectations, with an additional 5% increase in value over the last 24 hours. The surge in price action has led to a substantial increase in Open Interest around ILV, indicating a significant influx of liquidity into contracts linked to the token.
Data from Coinglass reveals that a large number of traders are choosing to long ILV, despite expectations of a potential cooldown in price action. The long/short ratio for ILV stands at 1.17, indicating a higher proportion of bullish positions compared to bearish ones. The long to short positions were also calculated at 54.15% to 45.85%, further supporting the bullish sentiment surrounding ILV.
Given the momentum in price action and the increased Open Interest, ILV’s upward trajectory is expected to continue. It is possible for ILV to retest $100 if the current momentum persists before a potential retracement occurs. As the cryptocurrency market continues to evolve, ILV remains at the forefront of the surge in altcoin prices, capturing the attention of traders and investors alike.