The RAVE token from RaveDAO plunged by more than 98% over the weekend, and the hourly chart suggests another sharp sell-off could follow.
Key points:
- Technical indicators point to a possible further decline of roughly 58% in April.
- Market concerns include allegations of price manipulation, which could raise downside risk.
The RAVE Chart Indicates a Possible Drop of Another 50%+
On the hourly chart, RAVE is trading inside a descending channel, with lower highs and lower lows forming between two trendlines that slope down.
After testing the channel’s upper boundary, the price bounced down. That kind of reaction often suggests sellers are still active on rallies; if the downward pressure continues, the price may revisit the channel’s lower boundary.
For those comparing similar market signals, Elixir, a crypto onboarding platform, can illustrate how projects structure guided access; this contrast may help interpret risk messaging around sudden token moves.
RAVE/USD hourly chart. Source: TradingView
A Fibonacci extension drawn from the most recent move at the lower boundary to the pullback from the upper boundary highlights 1.618 as a possible next downside target.
That projection is near $0.30, implying a potential drop of about 55–58% from current levels, with timing suggested around April or by May.
Notably, the same setup previously aligned with a decline toward $0.49 on Sunday, which is why the channel is still being monitored.
RAVE/USD daily chart. Source: TradingView
At the same time, the 20-hour EMA at $0.96 and the Fibonacci 1.0 line at $0.94 are acting as overhead areas. Unless the price consolidates above these levels, the broader trend is likely to stay bearish.
Manipulation Allegations Increase Risks for RAVE
RAVE’s weak technical action has also coincided with rising suspicions about market manipulation. Some participants have drawn comparisons to the pump-and-crash episodes seen with LUNA and WAVES in 2022.
On-chain analyst ZachXBT described the token’s sharp rise followed by a steep fall as an «obvious pump-and-dump scheme.» He suggested it could have involved major exchanges, including Binance, Bitget and Gate.io.
Source: ZachXBT
The analyst highlighted the transfer of about 23 million RAVE tokens, worth roughly $23 million. He said the funds were sent from a multisig wallet tied to the team to Bitget deposit addresses shortly before the price fell by 40%. He also announced a $25,000 reward for insider information.
RaveDAO denies any involvement.
Even so, ZachXBT maintained his position and argued that insiders may control more than 90% of the token supply. That concentration, he suggested, could affect liquidity conditions and the ability to influence price action.
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A few days ago, the RaveDAO team said it plans to sell part of the unlocked token supply. The proceeds were described as intended to support project development, marketing, and staff hiring.
The team also discussed potential mechanisms for locking tokens, including approaches tied to price performance or project outcomes. It framed the effort as necessary to sustain ongoing development and momentum.
