RavenDAO’s RAVE token plunged more than 98% over the weekend, and short-term charts point to the potential for another steep drop in the days ahead.
Key takeaways:
– Technicals place RAVE at risk of another 55%–58% decline in April.
– Allegations of market manipulation heighten downside risks.
RAVE chart hints at 50%-plus drop next
On the hourly chart, RAVE is trading inside a descending channel, forming lower highs and lower lows between two down-sloping trend lines. After testing the channel’s upper boundary, the price started to pull back, indicating sellers remain active on rallies. If that rejection persists, RAVE could retest the channel’s lower trend line soon.
A Fibonacci extension measured from the recent bounce off the lower boundary to the pullback from the upper boundary targets the 1.618 extension near $0.30, implying roughly a 55%–58% decline from current levels through April or into May. The same setup had signaled the weekend drop toward $0.49, supporting the channel’s relevance.
Resistance around the 20-hour exponential moving average (~$0.96) and the 1.0 Fib at $0.94 continues to cap upside attempts; reclaiming those levels decisively would be needed to shift the bearish bias.
Market manipulation claims add to RAVE risks
RAVE’s technical deterioration is unfolding amid accusations of a coordinated pump-and-dump. On-chain investigator ZachXBT labeled the rally and collapse “blatant,” alleging activity across major exchanges including Binance, Bitget and Gate.io. He highlighted roughly 23 million RAVE tokens (about $23 million) moving from a team-linked multisig to Bitget deposit addresses shortly before a 40% flash crash and has posted a $25,000 bounty for whistleblowers.
ZachXBT further claimed that insiders may control over 90% of the supply, raising concerns about concentrated liquidity and price control. RaveDAO has denied involvement.
RaveDAO recently announced plans to sell portions of unlocked tokens to fund operations, marketing and hiring, and said it is considering lock mechanisms tied to price or performance to better align incentives.
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