ANOTHER ALTCOIN THAT HAS BROKEN DOWN BELOW ITS MAJOR SUPPORT
There are many altcoins that broken their major support which has been considered to be a bad thing by most but for us, we look at this as an opportunity provided by the crypto market. The risk that is incorporated with the altcoins that have completed broken down from their major support is high. Therefore, it's best to continue being cautious just in case.
For today's altcoin, we have identified ILV as an altcoin that has broken down from the major support that held the price from 2022-2023.
This altcoin's current market structure has shown a strong decline after its initial attempt to test its major resistance this year. Once this altcoin's market structure transitions from decline to accumulation phase, we may see a strong upward momentum. Although, we need to see several tests to happen before this could occur. Ensuing price action will lead to creation of foundations for ILV's upcoming rally. Therefore, it's best to be patient and continuously observe this altcoin's upcoming movement before reacting.
Stay wise, trade cautiously.
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