Luggis.eth’s substantial sell-off resulted in a significant decrease of approximately 5% in the price of $ILV. This sudden movement has garnered attention within the cryptocurrency community and underscored the impact that large have on market prices.
A notable on-chain transaction involved Luggis.eth selling ,730 $IL for 778.72 $ETH, which amounted to about2.72 million. This sale had a considerable effect on the $ILV market, causing its price to drop by around 5%. Despite this large transaction, Luggis.eth still possesses a substantial amount of 260,881. $ILV valued at approximately $17.64 million.
Following this sale, indicators from the token’s price charts reveal a bearish signal as the price remains below the cloud and technical indicators such as Money Flow Index (MFI) indicate weak buying pressure with an MFI below 50. The Awesome Oscillator’s (AO) current value of -1.41 suggests bearish momentum due to intense selling pressure and negative AO values coupled with prices below Ichimoku Cloud imply a continuation of the bearish trend.