Illuvium Raises $12 Million — What Next For ILV Price?
Illuvium raises capital bolstering confidence into the platform. Can this sentiment impact its token price?
l Key Takeaways
- Illuvium raised $12 million for to develop games in the second quarter of 2024.
- Illuvium’s revenue-sharing rewards players with ILV tokens.
- ILV price shows recovery, potentially entering a bull phase.
The GameFi platform Illuvium secured $12 million in a Series A funding round. The system’s prominent investors include King River Capital, Arrington Capital, and Animoca Ventures.
This investment will support the development of new games within the Illuvium ecosystem, ahead of the launch of new titles in the second quarter of 2024. Still, can this sentiment bolster the price of its native ILV token?
ILV Token Utility
A notable aspect of Illuvium’s gaming model is its revenue-sharing mechanism. This rewards players with ILV tokens for their participation and investment in the game. Illuvium distinguishes itself with its play-to-earn ecosystem suitable for strategic players, encompassing several interconnected games.
Players can earn rewards through multiple avenues, such as selling captured Illuvials on the marketplace, achieving leaderboard rankings to earn ILV, or staking ILV tokens.
Illuvium (ILV) Price Analysis
After reaching its all-time high of nearly $2,000, in late 2021, the price of ILV was in a long-lasting bear cycle. It lost 98% of its value, reaching an all-time low of $38 in January 2023.
After that, the price started recovering. Although it traded at more than $100 in February, it fell again, reverting the price to its baseline support in October.
After that, it started a new uptrend. This saw it climb above its February high before reaching $122 in November 2023. After a retracement to establish a higher low of $71 in February 2024, the price continued increasing higher than before, reaching $160 in March.
This last advancement could be the third wave out of the five-wave uptrend that started in October last year. If so, the price of ILV will continue to increase, with its first target the 1.618 Fibonacci extension level at $200.
Although we saw some bullish signs, ILV is still interacting with another horizontal level that can serve as resistance and reject the price, sending it to another downturn. A breakout above would provide a more confident signal of a starting bull phase.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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