In the early hours of today’s trading session, the Illuvium price was up by almost 10 percent, before dropping to the current price level, which is a gain of 4 percent. The current bullish trend has been a continuation of an upward push that has seen the Illuvium value surge by over 25 percent since January 5, 2023.
What is Illuvium?
Illuvium is a new open-world fantasy battle game built on the Ethereum blockchain, often referred to as the first AAA game on Ethereum. The game is developed by a team of over 40 individuals worldwide and co-founded by serial entrepreneur Kieran Warwick and experienced game designer Aaron Warwick, who are brothers.
It is a fusion of an open-world exploration game and a PVP battle game, and it is set to provide entertainment for both casual gamers and hardcore DeFi fans through a range of collecting and trading features.
The game’s world is inhabited by creatures known as Illuvials, which can be captured by players who defeat them in battle and nurse them back to health. From then on, they become a part of the player’s collection and can be used when battling other adventurers as part of Illuvium’s auto-battler gameplay. Illuvials are represented by unique non-fungible tokens (NFTs) and can be traded on external exchange platforms, as well as on Illuvium’s gas-free decentralized exchange (IlluviDEX).
Its ecosystem is powered by the ILV token, which serves as the main token used to reward players for their in-game achievements and enables players to participate in the governance of the game via the Illuvium decentralized autonomous organization (DAO).
The token also entitles players to their share of the Illuvium Vault. Illuvium is built on Immutable X (IMX), a layer-2 solution that is designed to help scale applications with NFT functionality. By leveraging Immutable X’s capabilities, Illuvium ensures players can mint and trade their NFTs with zero gas fees and practically instant transaction times.
Illuvium Price Forecast
Based on the chart below, it is clear that the Illuvium price is trending aggressively to the upside. Today, with prices having surged by almost 10 percent before dropping, it is highly likely that we may continue to see its value continuing to rise for the next few trading sessions.
Therefore, I expect the Illuvium price to trade above the $50 price level in the coming session. There is also a high likelihood that we might see it rise to trade above $60 or even $70 for the long term. However, a drop below $40 will invalidate my analysis.