The substantial sell-off by luggis.eth led to a sharp drop in the price of $ILV, causing it to decrease by approximately 5%. This sudden price movement has caught the attention of the cryptocurrency community, highlighting the influence of large holders on market prices.
A significant on-chain transaction took place, in which Luggis.eth sold 40,730 $ILV for 778.72 $ETH, valued at $2.72 million. This massive sale has had a noticeable impact on the $ILV market. The substantial sell-off by Luggis.eth led to a sharp drop in the price of $ILV, causing it to decrease by approximately 5%. This sudden price movement has caught the attention of the cryptocurrency community, highlighting the influence of large holders on market prices.
luggis.eth sold 40,730 $ILV for 778.72 $ETH ($2.72M) on-chain ~10 mins ago, causing the price of $ILV to drop by ~5%.luggis.eth currently has 260,881.8 $ILV($17.64M) left.https://t.co/1RYqOhlKBs pic.twitter.com/X8SWvEIfvc
— Lookonchain (@lookonchain) June 22, 2024
Despite the large sale, luggis.eth still retains a significant amount of $ILV. Currently, Luggis.eth holds 260,881.8 $ILV, valued at approximately $17.64 million. The remaining holdings indicate that Luggis.eth has a considerable stake in $ILV, even after the recent transaction.
ILV Price Review: How is the Token Looking?
Analysing the token’s price charts, we see the price below the cloud, typically considered a bearish signal. On the other hand, looking at different technical indicators, we see that the Money Flow Index (MFI) is below 50, indicating that the asset is neither overbought nor oversold but shows weak buying pressure.
4-hour ILV/USDT Chart | Source: TradingView
On the other hand, we see that the Awesome Oscillator’s (AO) current value is -1.41. The AO is negative, indicating that the bearish momentum is increasing. The price has dropped sharply, indicating intense selling pressure. The price below the Ichimoku Cloud and negative AO suggest a continuation of the bearish trend.