The RAVE token of RavenDAO lost 98% in value on the weekend. Now, the hourly chart warns that another major drop is coming.
The key takeaways
- RAVE’s technicals positions the price to drop another 58% in April.
- Allegations of manipulation in the market add to downside risks.
The RAVE chart predicts a 50% drop in the next few months
RAVE trades in an descending channel. Lower highs, and lower lows, are formed between two downward trending lines.
The spot price had been retreating since Monday after it tested the channel’s upper limit, which is a sign of sellers remaining active during rallies. RAVE may slide towards the lower trendline of the channel in the short term if this rejection is sustained.
Hourly RAVE/USD chart. TradingView
Fibonacci Extension: A Fibonacci Extention drawn from recent rebound at lower boundary and the recent pullback of the upper border points to 1.618 as next bearish target.
That level comes in near $0.30, implying a further 55%–58% decline from current prices in April or by May.
The same channel was able to predict Sunday’s fall towards $0.49. This confirms the relevance of the channel.
Daily chart of the RAVE/USD. TradingView
The 20-hour moving average of $0.96, and the Fib line of 1.0 at $0.94 are still limiting any attempts to go higher. The broader trend remains to the downside unless the bulls decisively reclaim the levels.
The RAVE risk is increased by claims of market manipulation
Market watchers are noticing RAVE’s technical weaknesses and the growing allegations of manipulation. comparing It is a LUNA The following are some examples of how to get started: WAVES From 2022, pump-and dump will become a reality.
Onchain investigator ZachXBT described The explosive rally of the token and its subsequent collapse is a “blatant” Pump-and-dump allegedly being orchestrated on major exchanges, including Binance Bitget, and Gate.io.
Source: ZachXBT
The whistleblower has been awarded a bounty of $25,000 for identifying the movement of roughly 23 million tokens worth approximately $23 million from a group-linked multisig Wallet to Bitget deposits addresses, just prior to a flash crash that saw a 40 percent drop.
RaveDAO has denied You can get involved in any way you want.
Related: FOMO, lax rules are fueling the crypto crime supercycle
ZachXBT is still standing by his claim. arguing Insiders may control over 90% of token supply, raising questions about price and liquidity.
Source: X
RaveDAO revealed Plans to sell a portion of the unlocked tokens in order to finance operations, marketing, and recruitment.
It was revealed that the team is looking at price or performance-based locking mechanisms in order to align incentives better. “building a movement requires resources.”
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Source: cointelegraph.com
