- Illuvium’s ILV token has surged to a record high in the past few weeks.
- The total staked volume has jumped to over $340 million.
- The network is carrying out a community council vote.
Illuvium (ILV) price has done well in the past few weeks. The token surged to a record high of $123.06 on Monday, a remarkable comeback from its October low $37.58. Its total market cap has surged to a high of $442 million.
Council vote continues
Illuvium is a leading player in the blockchain gaming industry. The developers have built Illuvium Arena, Illuvium Underworld, Illuvium Zero, and Beyond. These are games with a high potential as the gaming industry does well. Most of its games are available in Mac and Windows.
The Illuvium ecosystem is powered by the ILV token, which is used for staking and paying rewards. According to its website, there are now over 44k estimated ILV token holders while the total amount staked has jumped to over $340 million.
The ILV token price has jumped for several reasons. First, there are signs that the number of gamers in its ecosystem is in an uptrend.
Second, a vote to select the new members of the Community Council is now underway and will run to November 30th. Several members of the community are looking to join the council, whose roles you can read here. After the vote ends, the network will transition to Epoch 9 on December 5th next week.
Meanwhile, there are signs that the ILV demand in the futures market is doing well. Data compiled by CoinGlass shows that the futures open interest has surged to the highest point on record. It stands at over $15.54 million, with most of it being in Binance and Bybit.
Open interest plays an important role in the futures market. It refers to the number of outstanding derivative contracts that have not been settled. In most cases, a higher open interest figure is a positive sign of demand.
Illuvium price forecast
Turning to the daily chart, we see that the ILV token price has been in a strong bullish trend in the past few months. Along the way, the token has jumped above the 50-day and 25-day moving averages, signaling that bulls are in control.
The Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought point. There are signs that the token is still in the markup phase of the Wyckoff Method, which is characterized by higher demand.
Therefore, the outlook for Illuvium price is bullish, with the next point to watch being at $130.
