Play to Earn projects continue to attract attention lately. Especially in the NFT market, during these times when the GameFi trend is blowing, an announcement came from the Web3 gaming project Illuvium on November 8th. According to this, the company has completed the game development process and released a post on X to present the project to users.
The Illuvium Team Finally Gives Good News
Today (November 8th), according to a tweet published on Illuvium’s official X page, the game prepared by developers will be released on November 28th on the world-famous gaming platform Epic Games Store.
The game developed by Illuvium Labs, designed using the Unreal Engine 5 on the Immutable X network, stands out as a role-playing game (RPG). Illuvium Labs raised a total of $38 million in the investment round held for this project in 2021.
In the announcement, the team also stated that players can already add the game, called Illuvium Beta 3: PVP, to their wishlists on Epic Games, and emphasized that the game will be updated automatically.
ILV Price Analysis
The news-driven upward momentum in ILV, the native token of Illuvium Labs, has accelerated. The rising channel formation, which has been noticeable on the two-hour chart since November 2nd, has caused the price to rise by over 30%. However, the breakout on November 5th turned out to be a bull trap and caused many investors to lose money. Following the announcement on X, ILV, which gained strength from the formation support, recently experienced a sell-off at the formation resistance.
The support levels to be considered for ILV on the two-hour chart are as follows: $69.16, $66.90, and $63.94. Especially, if the bar closes below the $63.94 level, it will cause both the momentum of the news flow to decrease and the rising channel formation to break.
The resistance levels to be monitored for ILV on the two-hour chart are as follows: $71.49, $73.81, and $76.91. Especially, if the bar closes above the unbroken $73.81 level in the last few hours, it will contribute to the upward movement of the formation and target a different area for the ILV token.
