Illuvium (ILV) might be looking for a 70% gain after facing rejection on a local resistance of $55.

In the past 24 hours, the price of ILV has decreased by 1.3% and is now trading at $48.03 as of 8:44 a.m. EST.

The value of ILV is currently experiencing a bearish trend after reaching a resistance point of $55.06.

This downward momentum appears to have gained traction due to the emergence of a double-top pattern, a significant chart pattern indicating a shift toward a bearish reversal in the price trend.

Moreover, the price chart shows the right shoulder appears within a potential shoulder-head-shoulder pattern. 

This could indicate a scenario where bears exert more pressure, potentially driving the price down toward the neckline level of around $45.

Adding to the bearish sentiment, the price has recently breached the 50-day simple moving average, hinting at a possible descent below the 200-day moving average. 

Concurrently, the relative strength index (RSI) has trended downward to 35, suggesting increased selling pressure on ILV’s price.

Based on the analysis, the ILV price is following a downward trend, with significant thresholds projected to reach around the $45 mark. The presence of the shoulder-head-shoulder pattern suggests the potential for an extended decline, potentially going as low as $39.92. Nevertheless, these occurrences also allow bulls to gather strength, aiming for a rebound around the $39 mark.

Lucky for ILV investors, a new meme coin has entered the scene, swiftly gaining momentum during its ongoing presale funding phase. This emerging coin poses a viable alternative to ILV, introducing a new dynamic to the landscape.

Sonik (SONIK): Meme Coin with Staking Twist

Sonik (SONIK), a whimsical meme coin inspired by the Sonic the Hedgehog character, stands apart by functioning as a stake-to-earn token. 

Participants who engage with its staking smart contract are rewarded for their commitment to the project.

Representing a pioneering stake-to-speed cryptocurrency, Sonik introduces an opportunity for investors to stake their tokens and receive considerable rewards.

🚀 Welcome to the world of $SONIK! 🦔💨

Get ready to experience the fastest #Crypto meme coin in action! 🔥

🌐 Join our #Presale now and be part of #MemeCoin history!

👉https://t.co/NkNhQrZ41q #Sonik #AltGem #Altcoin pic.twitter.com/BsnUlKCZfZ

— SONIK COIN (@Sonikcoin) August 3, 2023

Sonik introduces an equitable presale structure, earmarking 50% of the entire token supply for public sale participation. A substantial 40% is dedicated to rewarding stakers, while an additional 10% is allocated to bolster exchange liquidity.

Currently, a noteworthy 2,850,650,092 $SONIK tokens have already been staked, boasting an impressive APY of 841%. This rate, however, is expected to reduce as more stakers make deposits into the smart contract.

Sonik presale has already raised $84,275.88 and is selling out fast. With a modest target of just $2 million ($2,098,547), the Sonik team anticipates swift sales due to its low-cap approach. This coin’s availability might diminish sooner rather than later.

Sonik: Unleashing Viral Gaming Potential with 100x Returns

Sonik possesses the potential for virality akin to some of the most beloved and recognizable characters in the gaming realm. 

This potential is further bolstered by the distinct meme art creations it is poised to inspire.

You can't escape me 🦔 pic.twitter.com/JD8WFEe1Va

— SONIK COIN (@Sonikcoin) August 16, 2023

The characters showcased on the website are remarkably meme-friendly, giving a glimpse into the boundless amusement artists will derive from Sonik and its companions. 

This could potentially emulate the success of the Pepe coin, with a primary focus on amusement and the opportunity to earn while enjoying a good laugh.

Experts and crypto analysts are already a buzz on the potential that $Sonik posses. Jacob Crypto Bury, a popular YouTuber known for making spot-on predictions, showed his excitement about the project by giving it an early 10X price forecast.

Priced at an accessible $0.000014, a mere $1,000 investment could rapidly transform into an impressive $50,000 or even $100,000, should Sonik execute a substantial reduction in zeroes and yield a remarkable 50x or 100x return for its early investors.

After the presale event, Sonik is poised to debut on the Uniswap Decentralized Exchange (DEX). Interested buyers are required to possess either ETH or USDT to acquire these tokens.

To seamlessly partake in this opportunity, individuals can connect their wallets to the Sonik website, facilitating a streamlined and secure process for making their desired purchases.

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